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vat or cst

Vikas (13 Points)

10 May 2007

hii this is vikas my PE2 falls due on may 06 as we all know it will cover assesment yr 06-07 and there are some random n drastic changes in assesment yr 6-7 but can any one please tell me that our taxation portion will have CST or VAT look im extremli tensed abt the issue n i ll be highly obliged to the one who will help me so i m lookin for the vewis regardin CST or VAT

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6 Replies

Priya (13 Points)
Replied 10 May 2007

hii this is priya im also very much anquios abt to know the final issue on the debate of vat n cst plss help us

Swati (13 Points)
Replied 10 May 2007

plss guide me about the issue that our syllabi will cover vat or cst for pe2 may 06

Balaji (B.Com) (48 Points)
Replied 10 May 2007

Dear Vikash/Priya/Swati

VAT is a state legislation and CST is central Legislation, for which state wise laws are there and ICAI syllabus covers only Laws applicable for whole of india.

So prepare for CST, however on VAT conseptual questions (not state specific for related to ACT or Ruesl) can be there from VAT.

Good luck for PE-II,
Should you need further clarification dont hesitate in mailing me mail at balaji_857 @ rediffmail.com

Balaji

Krish (28 Points)
Replied 10 May 2007

Hi!

I am also pursuing PE-2, I think since LST i.e, local sale tax has been changed and that too not in all states, CST being applicable to whole of India. CST will remain as a subject in PE-2, however, due to VAT, there are chances of question relating to general concept about VAT. so, more of CST and less VAT.

V Prasad (16 Points)
Replied 10 May 2007

In the CST Act, there is a change in proceedural requirement for submission and collection of all statutory forms-C/F/D/H.

As per the Not.GSR588(E)/16.9.2005{F.24/1/2005-ST}, all the registered dealers are required to submit statutory forms against sales made by them on a quarterly basis effective from 1.10.2005.

The above change is in place of submission of one C/F/D/H form for all the transactions made during the financial year between one dealer and another dealer as prevalent earlier.
In otherwords for transactions made with the same dealer during the financial year, you are required to submit 4 statutory forms depending on the nature of your transactions.

It is also provided in the notification that there is a time limit up to the end of subsequent quarter for submission of these statutory forms(i.e, for the quarter ending 31.12.05 last date for submission is 31.3.2006) unless and otherwise time is extended by the Assessing officer for which specific application is to be made by the dealer.

Cagaurav (58 Points)
Replied 10 May 2007

Hi Friends

This is Gaurav pe 2 qualified in may 2005. dear friends your syllabus covers only central sale tax because sale tax is centralised and vat is applicable into state only because vat is not centralize and as per icai guidelines only cst has been given in the syllabus. go thru as per icai guidelines

take care bye

best of luck for your exams

gaurav rastogi
u can mail me at cagaurav1234 @ gmail.com