Rate of VAT/CST in Interstate sale against Form-F
This query is : Resolved
19 August 2008
In case of Interstate Sale, which will be applicable out of two:-VAT or CST and at what rate. whether this sale will be taken as consignee sale and what will be accounting entry for the same in the books of accounts.
19 August 2008
Interstate sales attract CST at 2% flat for all goods against C form. /without C form the local state rates are applicable depnding upon the schedule of rates under which the subject goods falls.
Treating a sale consignement sale is not at the will of entities, but it is necessary to have proper consignment agreement between parties and consignment sale should be only between a manufacturer and the agent apponted by the said manufacturer where interstate sale is considered as interstate transfer of goods for sale. Form F is issued by the agent to the manufacturer for this. Accounting entry for consignment sale is normal purchase entry.
Treating a sale consignement sale is not at the will of entities, but it is necessary to have proper consignment agreement between parties and consignment sale should be only between a manufacturer and the agent apponted by the said manufacturer where interstate sale is considered as interstate transfer of goods for sale. Form F is issued by the agent to the manufacturer for this. Accounting entry for consignment sale is normal purchase entry.
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