Gujarat VAT Do we can take Credit of VAT & CST Collected ?

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This query is : Resolved

Murtaza I Bhagat (Querist)

09 August 2009 I want to Know sir/s in Gujarat VAT
1) Can we take Credit of VAT & CST both ?
2) or We have to Deposit which I have Collected CST from Sales A/c
3) That Person only taker of CST he/she don't give CST to anyone.
4) If 1st ans is will be taken so How can we do the Calculation of it ? pls send me any file on my emil ID related to this Query
my Email ID is murtaza_bhagat786@rediffmail.com
Thanks for your advise in Advance

M Prabhakar Menon

M Prabhakar Menon (Expert)

09 August 2009 One of the features of VAT is what are known as input VAT and output VAT which in other words means VAT paid thro purchase (input)and that on sales (output)Open a Vat set off A/c in your books and transfer both balances at the end of each month to this account incl, CST payable note CST on purchases is excluded The net amount in this account if it is credit balance its a liability u will have to pay on the other hand if its a debit balance you can carry it forward to the next month At the end of the year if its a debit balance u can get a refund for VAT from the Dept.

Murtaza I Bhagat

Murtaza I Bhagat (Querist)

10 August 2009 Thanks you sir for your guidence
But sir I want to know from you this case in details.
Can you guide me once again. Spreadly
Thank you sir once again
Waiting for your reply

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