dear sir !
in tamil nadugovernemnt Form a new amendmend in November 2013 has passed the input tax reversal against cst sales(against c form).yet to be we dont know how to claculate the reversal credit.
Upto October is our ITC 8000
for example Our ITC for the month of November 2013 45,000
our total sales Rs10,00,000(cst sales 2% 6,00,000.00 local sales 5% 4,00,000) how to claculated the reversal input tax credit in tamil nadu value added tax
Hi, Please refer the thread which is already discussed in ca club forum. Hope this will help you to understand.
Suppose, VAT Purchase of Rs.9 lacs @ 5% = 45,000 VAT Sales of Rs.4 lacs @ 5%= 20,000 CST Sales of Rs.6 lacs @ 2% = 12,000 and Reverse Tax Credit on CST sale of Rs.6 lacs @ 3%=18,000
In Form I 9 lacs = 45,000 - 18,000 = Now, ITC Available Rs.27,000 less VAT Payable Rs.20000/-, Now,,ITC of Rs.7,000/- Available to setoff CST Rs.12,000. Therefore you have to pay Rs.5000/- CST TAX
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
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