Interstate sale input credit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 August 2012
in case of inter-state branch stock t/f there is no liability for CST and we can take the credit of input at its original rate eg. if paid 4% paid on purchase then we take 4% credit.
And in case of inter-state sale we have to pay CST @2%.
now Question is that if we pay CST @2% even then we have to reverse the 2% credit on purchase? (i.e. we are losing 4%, 2% as reversal on input credit & 2% which we paid)
And in case of inter-state sale we have to pay CST @2%.
now Question is that if we pay CST @2% even then we have to reverse the 2% credit on purchase? (i.e. we are losing 4%, 2% as reversal on input credit & 2% which we paid)
Ankit Varia
(Expert)
10 August 2012
1. If the goods are transferred outside state (interstate branch transfer) then retention is applied on corresponding purchases as per Rule 53(3) of MVAT Act.
2. If interstate sales have been made, then full set-off on corresponding purchases can be claimed. (exception being Rule 52A)
2. If interstate sales have been made, then full set-off on corresponding purchases can be claimed. (exception being Rule 52A)
MJ Krishnamurthy
(Expert)
10 August 2012
Mr Author,
If interstate sale is made with 2% CST,then there need not be reversal of input as it happens for branch stock transfer.....MJK
If interstate sale is made with 2% CST,then there need not be reversal of input as it happens for branch stock transfer.....MJK
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Gst credit note by supplier
- Reward for festival
- 18% Rent a cab
- Movement of goods by packers and movers - type of sale - Reg.
- Missed uploading GST Invoice
- Closer of business and itc of capital goods
- Accounting Treatment of Civil work to install PORTA Cabin for office use
- Gratuity paid to legal heir above 20 lakh is taxable or not
- TDS Return Statement Status
- Appointment of Auditor By Form ADT-1
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
