Mvat adjustment against cst
This query is : Resolved
19 February 2012
Dealer A in Maharashtra effected a sale to registered dealer B in MP. "A" has collected CST say Rs20000. A has paid Mvat on purchases for 8000. Can A adjust the Mvat credit of 8000 against the CST liability and deposit the diff. of 12000 into govt a/c?
20 February 2012
ITC is first to be adjusted against VAT liability and any excess on hand can be then adjusted against CST.
Direct adjustment of CST before adjusting VAT liability may result in denial of adjustment, thereby drawing interest on amount short paid against CST.
If text of the act is required do let me know.
Direct adjustment of CST before adjusting VAT liability may result in denial of adjustment, thereby drawing interest on amount short paid against CST.
If text of the act is required do let me know.
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