Can we set off Input vat credit against CST payable ? What about Input vat-output vat set off ? Also tell me that CST credit against CST payable and CST credit against Output vat payable... (As per TNVAT )
Can we set off Input vat credit against CST payable ? What about Input vat-output vat set off ? Also tell me that CST credit against CST payable and CST credit against Output vat payable... (As per TNVAT )
Yes input tax credit of Local vat can be set off against CST output tax. There is no credit of CST in any state nor it is possible because of the tax structure in India today as the state from which the goods move charges CST and Collects the payment but the state in which the goods are received doesnot get anything as tax revenue , so they do not allow the tax credit for the same.
In case further clarificatio req. please tell!
Agreed with the above answer.
Thank you for your reply...
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