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Rate of VAT/CST in Interstate sale against Form-F

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(Querist)
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.
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Satish K Sekhar.ACCA

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Satish K Sekhar.ACCA (Expert)
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.
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