Sir,
With respect to above subject, kindly clarify the following point:
The ST 3 returns filled without considering input credit, but payment made by taking input. Can now, the audit team will consider it or not. Since it pertains to FY 2012-13, 2013-14, 2014-15, 2015-16. As a result the turnover is mismatched w.r.t income tax filed and ST returns.
Kindly confirm.
Thank you.
Misreporting CENVAT Credit in ST-3 Returns: Potential Penalties Under Sections 76 or 77, Importance of Record-Keeping A query was raised regarding the CENVAT credit input not being considered in ST-3 returns, despite payments being made using the input credit, leading to a mismatch with income tax filings for fiscal years 2012-2016. One response indicated that this is a procedural lapse, potentially subject to penalties under Sections 76 or 77, but penalties might be waived if records are well-maintained. Another response emphasized the need for proper reconciliation between returns and books of accounts to address the procedural lapse. (AI Summary)
TaxTMI 
TaxTMI 
TaxTMI 
