Please help me

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naroo

accountant

80 Points Posted on 09 March 2011

hi, frndz

pl help me on the given problem below.

All purchase are from registered dealer.

VAT Class	Purchase	Sale	Payable

CST VAT @ 2%	43000

VAT @ 12.5%	27808	230339

VAT @ 5%	1244	1178

TOTAL	72052	231517	0

in the given table it is understood that i ve paid total vat of72052. the highest vat is 43,000 i.e cst vat.

i will claim VAT set off of pur @ 12.5% against sale vat of 12.5% and similarily of 5%.

but cant i claim cst purchase vat of 43,000. as i ve not cst sale vat.

pl help me in right calculation of vat.

thnx to all in adv.

pl helpppppppppppppppppppppp...............................

Replies (8)

Mandar Deshmukh

Article Assistant

83 Points Posted on 10 March 2011

CST paid on purchases are not eligible for setoff!!!

VAT Payable on Sales : 231517

less: VAT Setoff: (27808+1244): 29052

Net VAT Payable to Dept. = 202465

(Its not compulsory that vat should be setoff against the same % of vat payable)

naroo

accountant

80 Points Posted on 10 March 2011

thnx mandar

sunilpali

OPERATION HEAD(TAX AND AUDIT)

54 Points Posted on 10 March 2011

deshmukh is right

Guest

Posted on 10 March 2011

deshmukh is right.

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sitaram

Executive Accounts

100 Points Posted on 10 March 2011

Pl check the purchases for capital or plant machinery

shibu

Accountant

348 Points Posted on 10 March 2011

Suppose there interstate sale, CST payable and Input Tax credit is on the higher side, can the dealer setoff CST payable against Input tax credit ? In that case what will be the split of Input tax credit ? help

Originally posted by : Mandar Deshmukh
	CST paid on purchases are not eligible for setoff!!! VAT Payable on Sales : 231517 less: VAT Setoff: (27808+1244): 29052 Net VAT Payable to Dept. = 202465 (Its not compulsory that vat should be setoff against the same % of vat payable)