Hi
Plz anyone guide me in deriving CSt disallowance ratio
If my 4%purchases for the quarter is Rs457343(Basic) and OGS to Total sales ration is 0.684
Then how much tax credit to be disallowed...
Thanx
Anandan
(HOD accounts)
(502 Points)
Replied 11 February 2013
Your query is not clear. Can you elaborate more.
Any cst tax paid (whether @ 12.5% or what ever state tax is applicable or procured via C-form) during out of state purchase, the cst tax paid cannot be adjusted against any of your sales tax liablity. For Eg : If you have sold goods worth Rs.200 @ 2% cst (you will receive C-form from the party - for total invoice i.e Rs.104/-), you will have to pay CST of Rs.4/ vide cst payment challan to your vat department.
Hope the concept is clear.
Regards
Anandan.s
Madhavi
(Practice)
(80 Points)
Replied 13 February 2013
Thanx for reply ,
But my question is different ...what m asking is that Total Amt of Purchase is Rs 457343/- and it is 4% taxable purchase and amongst this purchases OGS sales ratio is 0.684....
Plz guide me to disallow this 2% cst credit ....
Analysis of 20 GST Notices (including 2 Appeals) and Practise on Drafting(with recording)
CAclubindia
