We have raised a Vat Bill agst C-Form @ 3% to one of our clients for FY 2007-08 but now they says that they cant issue C form, instead they will pay balance tax amount. Can we go for that. Pls give me any solution.
sunil
(333 Points)
Replied 10 May 2008
COLLECT THE DIFFERENCE AMOUNT AND PAID TO THE DEPARTMENT WITH INTEREST.
Vijay K. Agrawal
(Service)
(608 Points)
Replied 22 May 2008
Dear manju,
I am noyt able to understand how you will charged VAT against C form. VAT is local levy and C form is used for central sales.
I think you might have charged cst @ 12.5% and now party want to give you c Form with tax 24% instead of full tax.
in this case to accomodate your customer, you have to pay diiferencial tax with interest and also you have to revise the return.( if time is available)
Rgd,
vijay
CA O.P. SINGH
(O P Singh & Co.)
(426 Points)
Replied 24 May 2008
yes you can do the same by taking 9.5%( 12.5%-3%) from the vendor
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