Harshal Fifadra
(Chartered Accountant)
(1489 Points)
Replied 30 October 2012
Dear shobhit
cst is levied on inter state sales..
as per the cst rules , cst cannot be deducted from Input tax credit........
However in case if the input tax credit = 100 and vat payable on sales made = 90 and cst = 20
so
u have a refund ( excess input tax credit ) of Rs.10 ( 100 - 90 ) which can be utilised to set off the cst liability ... so net cst liability = 10
( 20 - 10)
cst payable can be adjusted against input tax credit only when there is excess input tax credit
( refund )
Ok.....
ABHINANDAN JAIN
(CA Student)
(886 Points)
Replied 30 October 2012
Pls go thru this link and download VAT file frm there:
/share_files/complete-note-on-vat-prepared-by-abhinandan-jain-35186.asp#.UI-YK2e_RFA
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
CAclubindia
