How do system of VAT & CST works
This query is : Resolved
10 July 2008
How is the system of VAT & CST works in case of Inter-state sales.
What is the basis and mode of levying and sharing tax revenues on sale?
What is the basis and mode of levying and sharing tax revenues on sale?
10 July 2008
VAT is levy on sales made intra-state @ % specified under respective state VAT Act in a particular item as well CST levy on inter state state i.e. sales made outside that particular state where the dealer situated. under VAT a dealer is eligible to get the input tax credit (ITC) paid on purchase within the state. 1st ITC adjusted towards VAT liability and then if excess towards CST liability and / or claim the refund or c/f, it's optional
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