Reversal of cst or refund
This query is : Resolved
03 September 2013
Respected Sir/Medam,
Gujarat, In Month of April'2013 A Ltd will pay Rs.2Lakh VAT but By mistake payment transferred in CST So, Please Guide me.
1.CST Reversed & adjust in VAT thorough Department.
2.CST Refund & Again pay VAT Rs.2 Lakh
Or Please give full process of my Problem
Thanks
Gujarat, In Month of April'2013 A Ltd will pay Rs.2Lakh VAT but By mistake payment transferred in CST So, Please Guide me.
1.CST Reversed & adjust in VAT thorough Department.
2.CST Refund & Again pay VAT Rs.2 Lakh
Or Please give full process of my Problem
Thanks
04 September 2013
First you have to amend the return of April,2013. In that return CST will become surplus and VAT will be deficient. But the net amount payable is same. In all state vat returns CST and VAT liabilities are finalised together.At the end in the revised excess of CST and VAT due will be adjusted automatically.If any penalty and interest becomes due,you make such additional payment along with the revised return.....mjk
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