Is C.S.T paid on purchase is available to be set off against VAT PAYABLE.
Or else VAT paid on purchase is available to be set off against C.S.T PAYABLE?
25 Replies
Ram Avtar Singh
(Nagari Sultanpur U.P.Delhi)
(14497 Points)
Replied 19 September 2009
only Vat paid on purchase is available to be set off against C.S.T PAYABLE
CA LOVELY ARORA
(C.A. B.Com (H) Graduate)
(2151 Points)
Replied 19 September 2009
the amount of CENTRAL SALES TAX payable by you, can be set off against VALUE ADDED TAX paid by you on Purchases made.
MAHINDER
(pract.)
(65 Points)
Replied 21 September 2009
no it not posiable to take that kind of adjustment. the repies given by other frnfd are ok.
samip karpe
(accounts assistance)
(152 Points)
Replied 21 September 2009
no this is not possible, C.S.T paid on purchase is not available to be set off against VAT PAYABLE / C.S.T. Payable.
Jagdish Bhalia
(Practicing CA)
(453 Points)
Replied 01 June 2010
CST paid on purchases could not be set off against vata payable.
But we can set off VAT paid on purchases agianst CST payables.
chandra sekaran
(chartered accountant)
(44 Points)
Replied 02 June 2010
CST paid cannot be set off against VAT payable. Whereas VAT paid (ITC) can be set off against CST Payable. The logic is CST is collected by the state where the movement of goods commences.
For Example if you are a dealer in Tamil Nadu bought a goods from Delhi. Then CST shall be collected by the Delhi Govt. So we cant claim the same against the VAT payable to Tamilnadu Government.
Likewise if you made sale to a dealer in Delhi, then CST shall be payable to the Tamil Nadu Government. Hence you can adjust the VAT Input Tax Credit available against the CST payable to Tamil Nadu Government.
sarvindkumar jaiswar
(Finance & Account Executive)
(43 Points)
Replied 22 June 2010
How we are set of CST against Vat or any other sources
Account Assistant
Praveen.S
(Accountant)
(47 Points)
Replied 23 June 2010
CST paid on Purchase could not sett off against VAT payable or CST Payable. But you can set off Vat paid on purchases against CST payable.
dilip
(Accountant)
(21 Points)
Replied 26 June 2010
Kindly guide me how to take set off of vat in construction industies, I am maintaining data in tally.
CA O.P. SINGH
(O P Singh & Co.)
(426 Points)
Replied 10 July 2010
No Set off is possible for CST but vat credit can be adjusted against CST
Pritesh Gandhi
(Vat Consultant)
(29 Points)
Replied 12 July 2010
iF cst purchase made no set of available. but same time local purchase made of interstate trade than tax credit available. Now from 1/7/2010 in gujarat local Purchase made for the interstate sales local tax credit will reduce by 2%.
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