cst adjustment
This query is : Resolved
25 August 2008
Dear Sir,
As per my Last month VAT return - i have a Input Tax credit (ie credit available) is Rs.1,72,000/= .
Now in this month we have not made any local sales but we have done only one Inter state sale against C form. The CST value comes around Rs.28,000/=.
Is it possible to adjust the CST amount along with the Input Tax availability? or have to make payment? Need your advice.
As per my Last month VAT return - i have a Input Tax credit (ie credit available) is Rs.1,72,000/= .
Now in this month we have not made any local sales but we have done only one Inter state sale against C form. The CST value comes around Rs.28,000/=.
Is it possible to adjust the CST amount along with the Input Tax availability? or have to make payment? Need your advice.
25 August 2008
Yo can Adjust the Input VAT credit against CST Payable..
26 August 2008
NO CST amount can not be adjusted against VAT but VAT can be adjusted agianst CST
18 September 2008
Please follow act of your state. It seems to vary from state to state.
For example in Assam section 16 reads as under;-
Tax payable-
(1) The net tax payable by a registered dealer for a tax period shall be the difference between the output tax plus purchase tax, if any, and the input tax, which can be determined by the following formula:
Net tax payable = (O+P)- I
where ‘O’ denotes the output tax payable for any tax period as determined under section 10, ‘P’ denotes the purchase tax paid by a registered dealer for any tax period as determined under section 12 and ‘I’ denotes the input tax paid or payable for the said tax period as determined under section 14.
(2) The net tax payable by a dealer liable to pay tax, but not registered under this Act, for a tax period, shall be equal to the output tax payable for the said tax period as determined under section 10.
(3) If the amount calculated under sub-section (1) is a negative quantum,—
(a) the same shall be adjusted at the option of the dealer against the tax liability, if any, of the dealer under the Central Sales Tax Act, 1956 (Central Act 74 of 1956) for the said tax period and only the remaining amount of the Central Sales Tax shall be payable; or
(b) any amount of credit remaining after such adjustment shall be carried forward to the next tax period.
For example in Assam section 16 reads as under;-
Tax payable-
(1) The net tax payable by a registered dealer for a tax period shall be the difference between the output tax plus purchase tax, if any, and the input tax, which can be determined by the following formula:
Net tax payable = (O+P)- I
where ‘O’ denotes the output tax payable for any tax period as determined under section 10, ‘P’ denotes the purchase tax paid by a registered dealer for any tax period as determined under section 12 and ‘I’ denotes the input tax paid or payable for the said tax period as determined under section 14.
(2) The net tax payable by a dealer liable to pay tax, but not registered under this Act, for a tax period, shall be equal to the output tax payable for the said tax period as determined under section 10.
(3) If the amount calculated under sub-section (1) is a negative quantum,—
(a) the same shall be adjusted at the option of the dealer against the tax liability, if any, of the dealer under the Central Sales Tax Act, 1956 (Central Act 74 of 1956) for the said tax period and only the remaining amount of the Central Sales Tax shall be payable; or
(b) any amount of credit remaining after such adjustment shall be carried forward to the next tax period.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Under construction property in ITR
- Scrutiny and reopening of past returns
- Booth for sales promotion
- Upload Level ValidationITR3Category of Defect B/D
- Building tax payment deduction in rental Income
- F & O PROFIT REPORTING FOR AY 2026-27
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
