Excess amount of tax credit adjusted against cst

This query is : Resolved

Pandya Bhavin (Querist)
Follow

26 March 2013 Q. Can I adjust my VAT Credit against Payable CST ?

Issue : I have Local Purchase of Rs. 284294.32 on which Input 4%+1% VAT = 10830.26+2707.56= 13537.82.

My interstate Sales = 1102448.83 Rs. on which Output CST@2% = 21616.65.

According to the provision in the (online) template, it is possible. What I have to do?

MJ Krishnamurthy

MJ Krishnamurthy (Expert)
Follow

27 March 2013 Yes, it is possible.Declare the local sales and the cst sales in your online return. Deduct the local input from the CST payable and pay the balance to the govt......mjk

Pandya Bhavin

Pandya Bhavin (Querist)
Follow

30 March 2013 Thanks a lot Sir.

Upgrade to CAclubindia Pro. Subscribe Now!