do we need to reverse the input vat for a product , for the difference in tax amount, if it is locally purchased and sold against form C ??
dp reply pls .
CMA Ramesh Krishnan
(Cost & Management Accountant)
(71464 Points)
Replied 14 June 2013
You cannot adjust your input VAT on purchases against CST payment. and also what ever input available against that purchase you can use for other goods output VAT payment.
And also need to pay CST
geetha
(student)
(409 Points)
Replied 14 June 2013
Against C form Input Credit is available i guess.
only if C Form not issued ITC Reversal need to be done.
am i right ? please correct me if am wrong
CMA Ramesh Krishnan
(Cost & Management Accountant)
(71464 Points)
Replied 14 June 2013
CST and VAT both are different, you cannot adjust VAT input against CST,even sales against C form also
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