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Notional calculation for sales tax exemption availed - CST & State Sales Tax

VAT and Sales Tax - Started By: - NAUSHERAWAN SM - Dated:- 23-11-2015 Last Replied Date:- 9-12-2015 - We had availed sales tax exemption under Bihar Industrial policy 1995 under Notification No. S.O. 479 and S.O. 481 (Bihar & Jharkhand ). The govt. exempted manufacturing unit from levy of sales tax on sale of finished products within state and in course of interstate trade and commerce for a specified period or prescribed monetary limit whichever is early. Assessment of exempted units is to .....

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e taxed at the special rate of 2% or 3% of its product which are being sold to automobile manufacturers or excavator manufacturers. The Sales Tax deptt. re-assessed our books and accounts on the basis of Audit objection raised by AG and charged full rate or of tax @ 8% or 10% as the case may be on the ground that no Form-IX and C-Form has been submitted at the time of Assessment. Your valuable suggestion in this regard is needed. Whether Form-IX or C-Form is mandatory for arrival of notional cal .....

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n of concessional form duly collected from customers in sale. In absence of such forms regular tax rate is applicable and it is liable to be reduced from incentives if balance available otherwise payable. This is my view. However experts view in this query will encourage discussiona and enrich knowledge. Thanks. - Reply By NAUSHERAWAN SM - The Reply = The querry is if we don't avail incentive/exemption we charge concessional rate of tax under section 13 (1) B of Bihar finance Act i.e. 2%, 3% .....

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