PLEASE LET ME KNOW THE DATE WHEN THE CST IS TO BE REMOVED & THE INPUT CREDIT ON VAT IS TO BE ALLOWED ON INTER STATE TRANSACTIONS
CA Sudhir Halakhandi
(PRACTICING CHARTERED ACCOUNTANT)
(13401 Points)
Replied 26 January 2009
SEE HERE IF GST IS INTROUDECED THEN CST HAS TO MAKE A WAY . AT PRESENT CST IS 2% AND IF THE PRESENT INDICATION ARE RIGHT IT WILL BE 1% IN 2009 (date to be notified by the Central Government) AND ULIMATELY IT WILL BE ABOLISHED .
REGISRDING YOUR SECOND QUESTION THE PURCHASES DURING THE COURSE OF INTER-STATE TRANSACTIONS CAN NOT BE MADE VATABLE SINCE THE CST IS THE REVENUE FROM CST IS GOING TO THE SELLING STATE AND IN THAT CASE THE PURCHASING STATE CAN NOT GIVE IT'S CREDIT.
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