PURCHASES WITH IN THE STATE
This query is : Resolved
19 September 2009
DEAR SIR/ MADAM
AN ASSESSEE PURCHASES FORM VAT DEALER AND THIS PURCHASES SOLD OUT OF STATE AND HE WAS COLLECTING 2% CST AT THE TIME OF SALES
AT THIS SITUATION HE IS BROUGHT FOR WARD VAT INPUT IN BALANCE SHEET AND CST PAYABLE TO GOVT SHOWN IN B.S.
OR
VAT DEBITED TO P&L AND CST PAYABLE TO GOVT SHOWN IN B.S.
OR
CST IS DEDUCTED IN VAT INPUT A/C
WHAT IS THE CORRECT METHOD. PLEASE TELL ITS VERY URGENT
THANKS IN ADVANCE
AN ASSESSEE PURCHASES FORM VAT DEALER AND THIS PURCHASES SOLD OUT OF STATE AND HE WAS COLLECTING 2% CST AT THE TIME OF SALES
AT THIS SITUATION HE IS BROUGHT FOR WARD VAT INPUT IN BALANCE SHEET AND CST PAYABLE TO GOVT SHOWN IN B.S.
OR
VAT DEBITED TO P&L AND CST PAYABLE TO GOVT SHOWN IN B.S.
OR
CST IS DEDUCTED IN VAT INPUT A/C
WHAT IS THE CORRECT METHOD. PLEASE TELL ITS VERY URGENT
THANKS IN ADVANCE
22 September 2009
I THINK LIKE OTHER STATES, IN YOUR STATE TOO, THE CST LIABLE IS ADJUSTABLE AGAINST VAT INPUT TAX CREDITS. IF IT IS SO, YOU SHOULD DEBIT THE CST AMOUNT TO CST LIABILITY A/C BY CREDITING I.T.C. A/C. THUS IN YOUR BALANCE SHEET THE NET FIGURES WILL APPEAR AS VAT INPUT TAX CREDIT.
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
- Opting our of sec 44AD
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- Regarding appeal to GSTAT
- Multiple trade mark
- Value of property in capital gain
- Copyright software
- Transporter Declaration form
- Regarding TDS Applicability For Director Remuneration
- LC charges in relation to Asset purchased should be Capitalised ?
- Form 121 & TDS deduction
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
