querry on sale in transit
This query is : Resolved
06 June 2011
Dear Colleagues,
Mr.A of Mumbai purchased goods from Mr.B of chhatishgarh.
Mr.A sold the goods in transit by transferring L/R to C of U.P.(L/R was consigner B,consignee A,
A endorses the same on back in favour of C)
B has charged 2% cst( AGAINST C FORM) to A, and A has charged 2% cst to C( AGAINST C FORM).
IS THE ABOVE SALE SALE IN TRANSIT?
ACCODRDING TO ME
1) It is not SIT, SINCE BOTH THE TIME CST HAS BEEN PAID
2) E1/E2 are not required.
Kindly guide.
Regards
CA Paresh Zatakia
9833855518
"Print this mail only if absolutely necessary. Save Paper. Save Trees."
Mr.A of Mumbai purchased goods from Mr.B of chhatishgarh.
Mr.A sold the goods in transit by transferring L/R to C of U.P.(L/R was consigner B,consignee A,
A endorses the same on back in favour of C)
B has charged 2% cst( AGAINST C FORM) to A, and A has charged 2% cst to C( AGAINST C FORM).
IS THE ABOVE SALE SALE IN TRANSIT?
ACCODRDING TO ME
1) It is not SIT, SINCE BOTH THE TIME CST HAS BEEN PAID
2) E1/E2 are not required.
Kindly guide.
Regards
CA Paresh Zatakia
9833855518
"Print this mail only if absolutely necessary. Save Paper. Save Trees."
07 June 2011
this nature of transaction is covered under sales in transit concept and second sale is exempt from tax subject to form c+EI
08 June 2011
but since the dealer has not avAiled exemption(i.e.charged cst both the time),E1/E2 IS NOT REQUIRED,AM I RIGHT?
08 June 2011
Yes- if charged CST@2% in both the transaction, then only form "C" is required.
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