salex tax
sameer
(Querist) 08 December 2010
This query is : Resolved
I have a trading business in west bengal.
I am having a physical stock valuing rs 1500000 but as per my balance sheet its showing for rs 1000000.during an inspection sales tax officer said that excees of goods will be seized.my question is can they seize the goods?what can a sales tax officer do in this case and what are their powers?in which act or rules their powers are mentioned?
Raj Kumar Makkad
(Expert) 08 December 2010
Sales Tax Officer has power to know the sources of the stock and if he is unsatisfied with the clarification then he can impose the tax at maximum limit and can also impose fine as given in the schedule.
Uma parameswaran
(Expert) 08 December 2010
Yes. They have the right to impose penalty only.
sameer
(Querist) 08 December 2010
what is this schedule?where i can go through it?
