VAT
This query is : Resolved
28 August 2009
co. is construction co. it purchase material within and outside the state.in this way it pays vat and cst both on purchase. It charge vat, labour cess and service tax from clients.
How the vat and cst liability will be calculated? and how input credits can be availed?
How the vat and cst liability will be calculated? and how input credits can be availed?
28 August 2009
Input tax credit is not available on CST purchases.
hence, the tax libility will be
for VAT: VAT collected - Input tax credit(VAT paid on purchases)
For CST :CST collected on CST sales.
hence, the tax libility will be
for VAT: VAT collected - Input tax credit(VAT paid on purchases)
For CST :CST collected on CST sales.
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