Rajesh (Accountant) (30 Points)
26 December 2008I am in the boat building industry and during the FY 2008-09 (from April 2008 onwards) we have charged and remitted CST @ 10% (without 'C' form) for interstate sales (Kerala VAT rates are 4% and 12.5%). Can we file revised returns now and claim a refund of the excess tax remitted?
RAJU
(LEARNER)
(1089 Points)
Replied 26 December 2008
In Karnataka statutory time limit for revising the returns is 6 months. However, in practice, the dept. has been accepting the revised returns even if they are filed the time limit.
In the present case, since tax paid is more by 6% in case of goods liable for tax at 4% and as the excess paid would have been collected from the buyers, the department may forfeit the excess payment since the same is collected from the buyers.
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