Dear Experts,
We are repeatedly getting the notices from the sales tax authorities in Tamilnaduto submit the Form C for the older financial years to complete the Assessment(prior to fy 2011-12).
I have drafted a letter to the sales tax authority stating that, the authority can seek the form conly for 6 years as amended from 5 years in 2012 by the Tamilnadusales Tax Authority under TNVAT Act. whether it is also applicableto CST Act?
If we do not submit the forms to the department, they are simply passing the order with a higher rate of tax.
As per my understanding is the preservation of records onlyfor6years for sales tax. If iam wrong or any cited case laws. Please revert.
Thanks in advance.
Clarification on CST Act Record Retention: Preserve Records Until Litigation Finalized, Despite TNVAT Amendments to Retention Period. A user inquired about the preservation period for records under the CST Act, questioning whether the six-year record retention rule, amended from five years by the Tamilnadu Sales Tax Authority under the TNVAT Act, applies to the CST Act. The user expressed concern about receiving notices from Tamilnadu sales tax authorities for Form C submissions for financial years prior to 2011-12, which, if not submitted, result in higher tax rates. A respondent clarified that if litigation is ongoing, all statutory records must be preserved until the litigation is finalized, as per the CST Act, 1956. (AI Summary)
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