Industry & Economy
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Taxation
State VAT heads told to ensure availability of `C' forms
K.R. Srivats
New Delhi
,
April 14
THE Empowered Committee of State Finance Ministers on VAT has directed VAT commissioners in all States to ensure ample availability of `C' forms for facilitating inter-State transactions under the VAT regime.
The VAT design that had been implemented from April 1 provides for the continuation of the Central Sales Tax (CST) system during 2005-06. CST collections touched Rs 15,000 crore last year. The `C' forms are useful in tracking inter-State trade transactions.
"The availability of `C' forms would be critical for the success of VAT. We have given instructions to tax commissioners that sufficient forms should be made available for trade," said Mr Ramesh Chandra, Member-Secretary, Empowered Committee of State Finance Ministers.
Trade and industry have been seeking a mechanism whereby the States could make available the `C' forms in advance to them.
The committee had held that the absence of tax information network was one of the reasons why the CST had to be continued in 2005-06. It had said that setting up of the tax information network, which is now being put in place, would be a pre-condition for the abolition of CST.
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