Input credit on cst sales
This query is : Resolved
Thamotharan S
(Querist)
25 January 2013
Dear Sir/madam
If i purchased goods from local (with in the State) with VAT paid, and sold it the same to other state dealer who are unregistered (not under Form C). can i claim input VAT Credit?
for example:
_____________________________Value_____Tax
Purchased(local)_____________1000______VAT 125
Sales(inter state@12.5%)_____1200______CST 150
How much i liable to pay tax?
If i purchased goods from local (with in the State) with VAT paid, and sold it the same to other state dealer who are unregistered (not under Form C). can i claim input VAT Credit?
for example:
_____________________________Value_____Tax
Purchased(local)_____________1000______VAT 125
Sales(inter state@12.5%)_____1200______CST 150
How much i liable to pay tax?
CMA Ramesh Krishnan
(Expert)
25 January 2013
VAT paid on purchase is Local tax and what ever you sold to outside state and charged is CST. cannot set off both
Thamotharan S
(Querist)
30 January 2013
Thank you sir,
My cost is 1125 and my sale value is 1200.. So my Profit only 75/-
'm i correct sir?
Incase i sold @2% against "C" Form, i can adjust full VAT input credit on CST.
Is there any logic behind it...?
please clear me...
My cost is 1125 and my sale value is 1200.. So my Profit only 75/-
'm i correct sir?
Incase i sold @2% against "C" Form, i can adjust full VAT input credit on CST.
Is there any logic behind it...?
please clear me...
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