Go AD-Free with CAclubindia Pro and get Daily WhatsApp Updates. Subscribe Now!

LEVY OF TAX

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 May 2011 HI FRIENDS,

AS I LIVE IN MUMBAI MAHARASHTRA AND MY QUESTION IS FOR WEST BENGAL, CALCUTTA STATE.

SUPPOSE I HAVE PURCHASED GOODS COSTING RS.100000/- BUT DURING THE QUARTER END
THE SALE DOES NOT AFFECT THAT GOODS IS
LYING IN STOCK MY QUESTION IS THAT WHETHER
I HAVE TO PAY VAT ON THAT STOCK AFTER QUARTER END LET ME KNOW BY HOW LEVY OF TAX
WILL PREVAIL (MY PURCHASE IS FROM OUTOF STATE)

CA SAURABH GARG

CA SAURABH GARG (Expert)
Follow

05 May 2011 First of all if your purchase outof state then your are not required to pay VAT. CST will be charged there and it will become your cost.

But if purchase made within the state then you are not required to pay VAT on stock held by you and you can take credit of VAT which are form stock.

Querist : Anonymous

Querist : Anonymous (Querist)

05 May 2011 on purchase i have paid my cst tax

but if that goods are not sold

then i have to pay local vat or not

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok