Statutory forms importance

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..... Dear Sir, We deal in goods exempted from VAT. We do stock transfer. Whether statutory form F is necessary to be issued or received. What is implication if not complied. Regards, ganeshan - Reply By Pradeep Khatri - The Reply = Dear Ganeshan, Form F is mandatory in case of transfer of stock from one place to other of the dealer's. If not issued or received within prescribed time limit o .....

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..... r not submitted at the time of assessment, then, such transfer of stock would be deemed as Sale under CST Act, 1956 . Hence, Tax, interest and penalty would be levied/imposed, accordingly. Regards, Neelam Taneja - Executive Consultant YAGAY and SUN (Management, Business and Indirect Tax Consultants) - Reply By ganeshan kalyani - The Reply = Dear Expert, As per m .....

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..... y understanding, in absence of statutory forms rate of tax as per schedule rate will be applicable. Here in case of exempt goods in absence of statutory forms what tax will the government apply. Kindly clarify. - Reply By ganeshan kalyani - The Reply = Dear Expert, I hope issuing /receiving of Form F is essential to prove that the transaction is Inter State stock transfer and not sale. In absen .....

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..... ce of form F the transaction is termed as sale and tax @ rate prevailing in receiving state for that product as per schedule entry is levied. However if the product is exempt that the question arises as what will be the tax rate at which authority will tax the transaction. I seek expert comment in this regard. regards, ganeshan - Statutory forms importance - Query Started By: - ganeshan ka .....

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..... lyani Dated:- 19-1-2015 Value Added Tax - VAT-CST - Got 3 Replies - VAT and Sales Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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