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Setoff of cst against vat

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Querist : Anonymous

Querist : Anonymous (Querist)

29 February 2012 Is it Possible to set off the Credit of CST against VAT as per recent Budget proposal????

Guest

Guest (Expert)

29 February 2012 Normally it is not possible to set off CST credit against VAT payable because such action will cause revenue loss to respective state. On the contrary VAT credit can be set off against CST liability.

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Querist : Anonymous

Querist : Anonymous (Querist)

29 February 2012 ya dat i knw dear but I heard that in coming budget its proposed for taking set off of
CST against VAT i jst want to know whether its true...???

Guest

Guest (Expert)

29 February 2012 That we will be able to know after any notification is issued or announcement.

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