If I import machinery and raw materials(which will be imported regularly) from outside INDIA to kolkata and from there it shall be transported to guwahati. What will be the taxability under entry tax or vat or cst act?
2 Replies
Ramanuj
(Accountant.)
(834 Points)
Replied 13 September 2011
Dear Aarus
I think Entry Will be
Raw Material a/c (imported )
To Party A/c
State is transfer so it is taxable unde cst. act.
nilesh nandankar
(C.A FINAL C.S EXECUTIVE STUDENT)
(51 Points)
Replied 27 September 2011
DERE FRIEND
AS YOU HAVE IMPORTED MACHINERY OR ANY THING FROM O/S INDIA THEN YOU WIL, PAY C.S.T ON IT AS WELL AS IMPORT DUTY AND OTHER DUES REQUIRED..................BUT WHEN IT COMES IN INDIA AND WHEN YOU SELL IT WITHIN GUJARAT THEN YOU WILL COLLECT VAT ON IT AND SO THAT C.S.T COLLECTED CAN NOT BE ADJUSTED AGAINST VAT COLLCTED.SO FOR THAT INPUT TAX CREDIT WOULD NOT BE CALIMED BY YOU AND IF YOU SELL IT O/S GUJARAT ALSO THAN ALSO NO CREDIT WOULD BE CLAIMED BY YOU. SO HERE ENTIRE TRANSACTION WOULD BE OF C.S.T BASE ONLY
NILESH NANDANKAR (C.A FINAL , C.S EXECUTIVE STUDENT)
Recent Topics
- Capital account entry in tally
- TDS Applicability on Commercial Photography &
- CSR via Trusts and Form 10BE – Legality of 8
- NRO Conversion vs Closing Account and Gifting to M
- Exchange gain loss
- Donation to Prime Minister Relief Fund
- Depreciation rate software
- New GST Registration - Co Working and Virtual Pl
- Query regarding place of business in GST registrat
- GST on Plot Sale
Related Threads
Trending Online Classes
-
GST LIVE Certification Course - 42nd Weekend Batch(With Govt Certificate)
Industry Expert17 May 2025
CAclubindia
