ITC on CST Paid stock

Santosh (Accountant) (27 Points)

24 June 2017

How to treat CST paid stock in Gst. is any Input credit available or not on the same.

Please clarify.

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5 Replies

Pooja (Accountant) (70 Points)
Replied 24 June 2017

on cst no input credit will be available

Santosh (Accountant) (27 Points)
Replied 24 June 2017

So there will be loss of tax of assessee

CA Akhilesh Kumar Kandpal (Proprietor A K Kandpal & Associates) (1442 Points)
Replied 24 June 2017

how is there any loss? you are not allowed to take credit is present vat regime also....

Santosh (Accountant) (27 Points)
Replied 24 June 2017

Its right but due to tax rate diffrence there will be loss.

Devansh Jain (...) (1269 Points)
Replied 26 June 2017

Well, the perception of loss depends on the input tax credit you might have got and the output liability.

You need to see the difference Between "Composition tax payable" & "NET tax payable after adjusting ITC without composition.

If this difference is positive, you gain, othrewise you lose....

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