Cst & gujarat vat
This query is : Resolved
24 November 2011
My question is :
Like one gets Input VAT Credit against Output VAT,
Can one get Input CST Credit against Output CST ?
In our Co., we are not taking Input CST Credit. On the other hand we are also deducting 2% of Deemed OGS Purchase (on the same Ratio on Total Purchase, that is of OGS SALES : TOTAL SALES) from our Input VAT Credit.
This way we are losing 2% Input CST + 2% on Deemed OGS Purchase as Deduction from Input VAT = 4% on OGS Purchase every month.
Is there any solution to this ? Is it correct what we are doing ?
THanks for the reply & best regards,
Like one gets Input VAT Credit against Output VAT,
Can one get Input CST Credit against Output CST ?
In our Co., we are not taking Input CST Credit. On the other hand we are also deducting 2% of Deemed OGS Purchase (on the same Ratio on Total Purchase, that is of OGS SALES : TOTAL SALES) from our Input VAT Credit.
This way we are losing 2% Input CST + 2% on Deemed OGS Purchase as Deduction from Input VAT = 4% on OGS Purchase every month.
Is there any solution to this ? Is it correct what we are doing ?
THanks for the reply & best regards,
01 December 2011
CST paid on OGS purchase is not allowed to be set off either against output vat or CST payable on OGS Sale.
w.e.f 01-07-2011 if there is OGS sale the assessee is also required to reverse the 2% input vat credit taken on purchases of such goods .
w.e.f 01-07-2011 if there is OGS sale the assessee is also required to reverse the 2% input vat credit taken on purchases of such goods .
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