Learner
1433 Points
Joined December 2008
You can follow the below steps to calculate your liability !
If Case1- > VAT given on Purchase is Rs 5000.00 , VAT Charged from Customers (Local) is Rs 4000.00 and CST charged from 400.00,
Calculation -> Output VAT 4000.00
Less: Input VAT 5000.00
VAT Credit -1000.00
Less : Adjust CST 400.00
VAT Credit C/f -600.00 (You have VAT Credit balance which you can carried forward to next Tax Period Or also claim for Refund)
If Case2- > VAT given on Purchase is Rs 5000.00 , VAT Charged from Customers (Local) is Rs 1000.00 and CST charged from 4500.00,
Calculation -> Output VAT 1000.00
Less: Input VAT 5000.00
VAT Credit -4000.00
Less : Adjust CST 4000.00 (Here VAT for Rs 4000 adjust with your CST Liability of Rs 4500.00 , Hence you need to Deposit Balance CST Amount i.e 500.00)
If Case3- > VAT given on Purchase is Rs 5000.00 , VAT Charged from Customers (Local) is Rs 5500.00 and CST charged from 200.00,
Calculation -> Output VAT 5500.00
Less: Input VAT 5000.00
VAT Payable 500.00 (You need to Deposit VAT Rs 500.00)
and CST Payable 200.00 (You need to Deposit CST Rs 200.00)
Thanks
Regards
Deepak Sharma
dsharma8583 @ gmail.com