Dear All,
your revert would help as am in sales and less knowledge of cst and mvat.
what shall be the vat affect in following case
case 1 :- reliance buys gold from bank at 2000 + 1 % vat :- 2020 in mumbai sells gold to abc client in kolkata at 2060.
case 2 :- reliance buys gold from bank at 2000 + 1 % vat :- 2020 stock transfers gold to reliance kolkata & then reliance kolkata invoices to abc kolkata.
in both cases vat & cst :- 1 % on gold
assumed gold price Rs 2000/-
help me understand input vat credit.
CAclubindia
