VAT input claim on interstate sales - Karnataka
This query is : Resolved
14 September 2009
Hi,
Kindly solove the below illustration
1. Opening Stock zero
2. Local Purchase 100 quantities @ Rs. 10000, Rs.400 input tax
3. Local Sales of 50 quantities @ Rs. 5500, Rs. 220 Output tax
4. Interstate Sales of 50 quantities @ Rs. 5500, Rs. 220 Output tax
5. Total Input tax - Rs. 400, total tax collected - Rs. 440
what is the amount to be paid to Karnataka government?
Kindly solove the below illustration
1. Opening Stock zero
2. Local Purchase 100 quantities @ Rs. 10000, Rs.400 input tax
3. Local Sales of 50 quantities @ Rs. 5500, Rs. 220 Output tax
4. Interstate Sales of 50 quantities @ Rs. 5500, Rs. 220 Output tax
5. Total Input tax - Rs. 400, total tax collected - Rs. 440
what is the amount to be paid to Karnataka government?
14 September 2009
CSt can not be adjusted with VAT so your net liability woudl be 220 i.e. cst . youc an have reserve credit of 400-220=180.
14 September 2009
dont we need to write off the same?
22 September 2009
It is surprising that in Karnataka CST is not adjustable against VAT ITC. I think the same should be reconfirmed. In a similar caes Patna High Court had suggested Bihar Govt to make such provisions.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- GST ON EXPORT COMMISSION
- Should I report my US salary for January, February, March in Schedule FA?
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
