Sir,
We are doing wholesale business of kitchenware in Chennai. We usually submit Form I, but now because of Annexure V confusion, we approached Sales tax department, they are asking us to file Form K as our annual turnover is less than 50 lakhs. Even though the input tax credit will be lapsed the Form K is simple and convenient for us.
But the problem is we are planning to buy product from other state in coming months. As for as I know, interstate purchase is not allowable in Form K. Need experts advise on this.
The Sales tax department have given some clarification about Annexure V.
But the given clarification is sufficient for filling column no: 3, 4, 5, 6. What about the column no 2 and 7?
Does the value in column no 2 and 7 remain same for every group of commodities.
Input tax credit can not be derived for every group of commodity separately.
And in column no 5, purchase value of the commodities to be entered, this is also confusing, because usually stock value means selling value (purchase value + profit).
Please clarify my doubts. Thanks in advance.
CAclubindia
