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Adjustment of input tax

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24 December 2012 CST payable Rs. 6 lakhs, Input Tax Rs. 10 lakhs & Output Tax Rs. 5 lakhs. What is the tax liability?
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UMESH KUMAR PANDEY

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UMESH KUMAR PANDEY (Expert)
26 December 2012 Dear,

cst payable is 6lakhs,Input Tax is 10lakhs and output tax is 5lakhs,ok,
first of all you should pay out the cst liability 6 lakhs it will not be adjustable against your input and surplus of input i.e. 5laks, either you carried forward or claim for refund it in the return.
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MJ Krishnamurthy

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MJ Krishnamurthy (Expert)
28 December 2012 Mr Neeladri R Chowdhury,
I am sorry, I would like differ from Mr UK Pandey. Here you can adjust the input against CST payable also. Your CST payable Rs6 lakhs+Output tax Rs5 lakhs = Rs 11 lakhs -inputRs10 lakhs =Net tax payable Rs1 lakhs.....MJK
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