Adjustment of input tax credit with cst

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student
43 Points Posted on 12 December 2014

Hi, 

     can any one explain about adjestment of cst sales with input tax credit witha an example i.e supose i have opening input tax credit i made sales with in the state with applicable rates and outside the state with c- form and without c-form then how can i adjust this cst sale tax with input tax credit????

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On 12 December 2014 at 11:26 Report
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Audit Manager
103 Points Posted on 12 December 2014
Input tax credit first set off with within state sales tax , after remain balance can be setoff with cst ( out of state sales tax).
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On 12 December 2014 at 11:47
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student
43 Points Posted on 12 December 2014

WE CAN ADJUST CST SALES WITHOUT C-FORM WITH INPUT TAX CREDIT? IF YES PLS ILLUSTRATE WITH AN EXAMPLE AND FORMULA FOR THE SAME

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On 12 December 2014 at 12:02
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CHARTERED ACCOUNTANT
44 Points Posted on 12 December 2014
Yes. ITC can be adjusted with cut.
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On 12 December 2014 at 13:07
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Audit Manager
103 Points Posted on 12 December 2014
State pur (12.5%) 1 lac vat 12500 Out state pur (2%) 1 lac cst 2000 State sale (12.5%) 0.5 lac vat 6250 Outside state sale (2%) 1 lac cst 2000 Setoff = 12500-6250-2000=4250 RS 4250 will be carry forward and c form for 102000 should issued to supplier and c form of 102000 to be taken from customer
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On 12 December 2014 at 13:36
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teaching
2046 Points Posted on 13 December 2014
Local vat rate is 10% Cst is 2% Local purchase is rs. 1,00,000/- Local sales is rs. 80,000/- Inter state sale rs. 20,000/- with c form Inter state sale rs. 30,000/- without c form. Input vat credit is rs. 10,000/- Out put vat rs. 8,000/- Cst on sale with c form rs. 400/- Cst on sale without c form rs. 3,000/- Finally after adjustment liability in the hands of trader is rs. 1,400/-
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On 13 December 2014 at 08:58
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teaching
2046 Points Posted on 13 December 2014
Local vat rate is 10% Cst is 2% Local purchase is rs. 1,00,000/- Local sales is rs. 80,000/- Inter state sale rs. 20,000/- with c form Inter state sale rs. 30,000/- without c form. Input vat credit is rs. 10,000/- Out put vat rs. 8,000/- Cst on sale with c form rs. 400/- Cst on sale without c form rs. 3,000/- Finally after adjustment liability in the hands of trader is rs. 1,400/-
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On 13 December 2014 at 09:00
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Student
191 Points Posted on 16 December 2014
CST Sales without 'C' Form cannot be adjusted. You'll have to pay that particular Amount separately.
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On 16 December 2014 at 00:20

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