States assure availability of C Forms to trade & industry
Dr. Asim Dasgupta, the Chairman of the Empowered Committee of State Finance Ministers (EC) told the Finance Minister that they have had interactions with the national level bodies of trade and industry and requested them to indicate the additional requirement of C Forms, state-wise, in precise terms. The Finance Minister was assured that the State administration will ensure availability of the Forms accordingly and the EC will closely monitor the matter.
Government of India had amended the Central Sales Tax (Registration & Turnover) Rules, 1957, through Notification No. GSR 588(E), dated 16 Sept. 2005, providing for submission of Form C in respect of inter-State sale transactions on quarterly basis instead of annual basis. The amendment was carried out by the Government on the recommendation of the Empowered Committee of State Finance Ministers, who felt that this was required for close monitoring of inter-state sale transactions. However, trade and industry has been making representations opposing this amendment, mainly due to difficulties in getting C Forms. With States’ assurance it is expected that the new system of quarterly filing of C Forms will stabilize shortly.