2 % set off in input tax credit .
This query is : Resolved
Kamlesh Patel
(Querist)
18 August 2011
New Rules of Cst 2% set off in Incput tax Credit,
how calculate 2% set off formula in ITC .
Please Reply me.
Kamlesh Patel
Ahmedabad.
Gujarat
New Rules of Cst 2% set off in Incput tax Credit,
how calculate 2% set off formula in ITC .
Please Reply me.
Kamlesh Patel
Ahmedabad.
Gujarat
MJ Krishnamurthy
(Expert)
20 August 2011
Mr.Kamalesh Patel,
Your question is not clear.However,I will give you some hints.If you are making some interstate purchases by paying 2% CST and selling the goods locally,you can not take the ITC of CST paid on purchases.Same is the rule for raw materials also.If you selling any goods to interstate buyers by charging only 2% CST you can take ITC of the VAT paid on local purchases.
MJK
Your question is not clear.However,I will give you some hints.If you are making some interstate purchases by paying 2% CST and selling the goods locally,you can not take the ITC of CST paid on purchases.Same is the rule for raw materials also.If you selling any goods to interstate buyers by charging only 2% CST you can take ITC of the VAT paid on local purchases.
MJK
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