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Interstate sales

SUNIL (INDIVIDUAL) (84 Points)

22 September 2015

KINDLY PLEASE REPLY AS PER TAMILNADU VAT ACT 2006,WHEN INTERSTATE SALES MADE PRIOR TO 11.11.13 AND AFTER 11.11.13,IS ITC REVERSAL TO BE CONSIDERED:- (a) IF SALES WITH C FORM ?

(b) IF C FORMS NOT PRODUCED AND DIFFERENCE OF TAX IS PAID?

KINDLY PLEASE REPLY

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2 Replies

pavazh (Cost Accountant) (68 Points)
Replied 22 September 2015

Before nov-13 no need to reversal of itc after Nov -13 till march-2015 u have to made reversal as per formula .after apr-15 govt give notification so no need of reversal now .even if u are selling without c form u have to reverse itc.if u not collect the c form highest product rate applicable with interest penalty differential amount u have to collect from customer