Cst purchase & local sales in vat
This query is : Resolved
24 April 2012
Dear Sir,
we have purchase from gujrat (CST@2%) and sales local 12.5%.to kya hume 2% credit milta hai ki nhi.kyonki vat to hum collect karke paid kar dete hai.cst to paid hi kar dete hai pruchase ke time per.how to adjust cst & vat.?
suppose-purchase-100000
cst@2%---2000
bank-----------------102000.
same product sales to local market.
cash .......112500
sales..........100000
vat@12.5%.......12500
paid vat to govt-12500 and cst paid to supplier.how to adjust....?vat and cst
we have purchase from gujrat (CST@2%) and sales local 12.5%.to kya hume 2% credit milta hai ki nhi.kyonki vat to hum collect karke paid kar dete hai.cst to paid hi kar dete hai pruchase ke time per.how to adjust cst & vat.?
suppose-purchase-100000
cst@2%---2000
bank-----------------102000.
same product sales to local market.
cash .......112500
sales..........100000
vat@12.5%.......12500
paid vat to govt-12500 and cst paid to supplier.how to adjust....?vat and cst
24 April 2012
input cst (interstate purchase) cannot set off or adjust against VAT
i.e cst purchase tax can not consider as ITC while calculating VAT Payable
Aaapko Rs. 12500/- pay karna hoga without taking ITC of Rs. 2000/-
i.e cst purchase tax can not consider as ITC while calculating VAT Payable
Aaapko Rs. 12500/- pay karna hoga without taking ITC of Rs. 2000/-
24 April 2012
Agree with Expert
24 April 2012
Dear Sir,
that is means we have suffer loss of CST purchase and same thing we have local purchase 12.5% and sales CST to banglore.
same as condition.
please give the details of CST , sales & purchase process.
Regards,
ashish kesarwani
that is means we have suffer loss of CST purchase and same thing we have local purchase 12.5% and sales CST to banglore.
same as condition.
please give the details of CST , sales & purchase process.
Regards,
ashish kesarwani
24 April 2012
As per your above data,
if you are selling in local state then you have to pay Rs. 12500/- as above said
but if you sell that product to other state with C form @ 2% Rs. 2000 CST or without C Form @ 5% Rs. 5000/- then pay whichever you have collect by CST Sales
if you have purchased that product with in state then first you have to pay Rs 12500/- as local vat on Rs. 100000/- i.e (100000+12500=112500) and if you sell that items in Rs. 110000/- with in state then treat will be 13750/- of VAT on Rs. 110000/- i.e ( 110000+13750=123750)
now calculate vat payable
input vat Rs.12500
Less Output VAT Rs.13750
VAT Payable Rs. 1220
how much you have paid is Rs. 12500+1220=13750
and by CST purchase as above ex. Rs. 12500+2000=14500/-
if you are selling in local state then you have to pay Rs. 12500/- as above said
but if you sell that product to other state with C form @ 2% Rs. 2000 CST or without C Form @ 5% Rs. 5000/- then pay whichever you have collect by CST Sales
if you have purchased that product with in state then first you have to pay Rs 12500/- as local vat on Rs. 100000/- i.e (100000+12500=112500) and if you sell that items in Rs. 110000/- with in state then treat will be 13750/- of VAT on Rs. 110000/- i.e ( 110000+13750=123750)
now calculate vat payable
input vat Rs.12500
Less Output VAT Rs.13750
VAT Payable Rs. 1220
how much you have paid is Rs. 12500+1220=13750
and by CST purchase as above ex. Rs. 12500+2000=14500/-
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