sir
We are a manufacturer of Paper board in Tamilnadu. Registered TN manufacturer. Our purchase/sale composition per month is roughly as below
Purchase
TN VAT 5% purchase basic value Rs300000/-
TN VAT 14.5% purchase basic value Rs 10000/-
CST purchase against C-form at 2% , basic value Rs250000/-
Sales
TN Vat 5% sale Rs340000/-
CST sale @ 2% against C-form Rs320000/-
please advice me
1) What is the ITC available in this transaction. Pl provide the formula/format , to calculate ITC
2) How to calculate, any reversal of ITC.
3) How much tax amount, we had to pay as per above transaction, to TN government
thanks
Prabu
Coimbatore