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VAT Audit

Tinaz (132 Points)

04 December 2008

Can C Forms be submitted after filling of VAT Audit Report?

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RAJU (LEARNER) (1089 Points)
Replied 06 December 2008

Yes. CST Act and rules thereunder has not specified the due date for filing of forms. As per the provisions the forms have to be filed before three months from the end of the quarter. However, the officer may grant such further time to the dealer.

Forms can be submitted after filing the Audit Report

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sara corner (Stock Trading) (41 Points)
Replied 08 December 2008

A securitisation company (SC) or reconstruction company (RC) may take over the management of the business if the dues are 25 per cent or more of the total assets of the borrower, and where more than 75 per cent of the total secured debt has been financed by more than one secured creditor.

These draft guidelines have been issued by the Reserve Bank of India (RBI) as part of the norms called `Change in or takeover of the management of the business of the borrower by SC/RC' under Section 9(a) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interests Act, 2002 (SARFAESI Act).

As per the draft guidelines, the SC/RC may restore the management to the company upon realisation of the dues or after a period of five years from the date of acquisition of assets, whichever is earlier.