CST LIABILITY ON BRANCH TRANSFERS
This query is : Open
SANJIV BATRA
(Querist)
29 January 2011
WE ARE MANUFACTURER OF TV AND OTHER ELECTRONIC GOODS. WE ALSO IMPORT ELECTRONIC COMPONENTS FOR USE IN OUR PRODUCTS. WE HAVE OUR ONE UNIT AT NOIDA. IF WE TRANSFER SOME ELECTRONIC COMPONENTS TO OUR NOIDA UNIT AGAINST FORM 'F'. IF ANY CST LIABILITY ARISES ON THIS TRANSACTION OR NOT?
THANKS
SANJIV BATRA
THANKS
SANJIV BATRA
29 January 2011
No CST liability on normal branch trasfer of stock items against form F.
SANJIV BATRA
(Querist)
30 January 2011
MR.SHAILESH, THANKS FOR YOUR REPLY.
I WILL APPRECIATE IF YOU COULD CLARIFY THAT:
(1) SHALL WE CHARGE CST, IF WE SELL IMPORTED ELECTRONIC COMPONENTS TO M/S ABC COMPANY, IN ANOTHER STATE ON FREE OF COST OF BASIS, SINCE REJECTED BY US AND FOREIGN SUPPLIER INSTRUCTED US TO DELIVER THESE ELECTRONIC COMPONENTS TO M/S ABC & COMPANY.
(2) WILL WE HAVE TO REVERSE (FULL INPUT TAX CREDIT OR 2% (CST RAT) ON BRANCH/STOCK TRANSFER AGAINST 'F'FORM, IF WE HAVE ALREADY AVAILED INPUT TAX CREDIT ON PURCHASES OF ELECTRONIC COMPONENTS?
SANJIV BATRA
I WILL APPRECIATE IF YOU COULD CLARIFY THAT:
(1) SHALL WE CHARGE CST, IF WE SELL IMPORTED ELECTRONIC COMPONENTS TO M/S ABC COMPANY, IN ANOTHER STATE ON FREE OF COST OF BASIS, SINCE REJECTED BY US AND FOREIGN SUPPLIER INSTRUCTED US TO DELIVER THESE ELECTRONIC COMPONENTS TO M/S ABC & COMPANY.
(2) WILL WE HAVE TO REVERSE (FULL INPUT TAX CREDIT OR 2% (CST RAT) ON BRANCH/STOCK TRANSFER AGAINST 'F'FORM, IF WE HAVE ALREADY AVAILED INPUT TAX CREDIT ON PURCHASES OF ELECTRONIC COMPONENTS?
SANJIV BATRA
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