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 ?
CAclubindia
