Dec 042013

The Government of Tamilnadu had amended the Form I by introducing Annexure – V in respect of ITC Claimed and carried forward. In view of the various representations received from various trade & industries, the Commissioner of Commercial Taxes has issued certain clarifications with regard to filing of Form I along with Form I.

The clarifications provided by the Circular No 12/2013 dtd 3/12/2013 are as follows :-

1) Annexure-V needs to be filed only in cases where Input Tax Credit (ITC) is carried forwarded.

2) Since the amendment is effective from 1st November 2013, Annexure V shall be filed only in respect of monthly returns for November 2013.  The return in respect of October 2013 need not be filed along with Annexure V

3) Where in some business concerns, many number of goods are being traded, it is not necessary to provide details of all the goods. Those goods shall be grouped code wise and the relevant particulars shall be provided.  Hence there will be only one value for one rate of tax.

4) Quantitative details of the stock need not be provided

5) In certain specific circumstances, ITC would be carried forward without proportionate stock of goods.In such cases, NIL Stock filed by the dealer should be accepted.

The relevant circular is reproduced below :-

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