Vat & cst invoice

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

23 August 2012 Hi

Please clarify

VAT & CST Invoice are in continue serial number or different ?

In VAT I know two type of invoice TAX & Retail but I don't know about CST Invoice.

CST Invoice's Sr. no. maintain separately or continue with retail invoice?

Please please answer !!

U S Sharma

U S Sharma (Expert)
Follow

23 August 2012 Tax invoice is needed for VAT and CST both, a single series is to be maintained.

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

23 August 2012 Thank you for reply

If party have not Pan No. than which type of invoice needed in CST ?

If Have PAN = Tax Invoice (VAT & CST both)
If have not PAN = Retail Invoice ((VAT & CST both)

AM I Right ?

Upgrade to CAclubindia Pro. Subscribe Now!

Querist : Anonymous

Querist : Anonymous (Querist)

23 August 2012 Hello Sir

International Export Invoice is to be maintain in TAX or Retail Invoice series ?

U S Sharma

U S Sharma (Expert)
Follow

23 August 2012 tax invoice is not related to pan/tan, just a tax invoice, where you have to charge vat or cst.

U S Sharma

U S Sharma (Expert)
Follow

23 August 2012 Export invoice is not a tax invoice, but it is prescribed by banking association, you can maintain seperate invoice series for export ( as export invoice need to be cancelled at times due to prob at shipment or customs appraisal),

as export is FREE from tax, no need to issue tax invoice.

U S Sharma

U S Sharma (Expert)
Follow

23 August 2012 Retail invoice is not a tax invoice, retail invoice is issued when the dealer has opted not to take input credit and pay vat at compositoin rate, in this case he own a vat number but in his invoice, vat is not mentioned seperately.

a dealer has to select in which scheme they want to remain, to avail input credit of vat and pay full vat and issue tax invoice,

or

not to take input credit of vat, pay rate of tax on sales as per composition scheme ( normally its 25% of normal vat rate, check your state vat rate for compositon), and issue retail invoice, ( rem the buyer will not get tax credit on such retail invoice)

both types of invoice can not be issued by a vat dealer.

Querist : Anonymous

Querist : Anonymous (Querist)

24 August 2012 Thank you Very Much Sir

Upgrade to CAclubindia Pro. Subscribe Now!