vat  or cst

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

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

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

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.    

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.

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