set off of cst against vat
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 April 2011
can cst be set off against vat tax?
what is accounting entry for that?
what is accounting entry for that?
CMA Ramesh Krishnan
(Expert)
03 April 2011
CST cannot be setoff against VAT
04 April 2011
CST paid on purchases can not be claimed as input credit.
Hari Wadhwa
(Expert)
31 December 2011
Hi
I agree with the advice given by both the experts.CST paid (payable to central Govt) becomes the part of the cost of the purchase of Input or Capital Goods, as the case may be & is not allowed to be set off against the source of revenue of the state govt (i.e, local VAT law).
However, Vice-versa is permitted in most of the state laws.
I agree with the advice given by both the experts.CST paid (payable to central Govt) becomes the part of the cost of the purchase of Input or Capital Goods, as the case may be & is not allowed to be set off against the source of revenue of the state govt (i.e, local VAT law).
However, Vice-versa is permitted in most of the state laws.
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