whether input of CST is available against liability of CST ? If not Where i can find it ?
I want to refer any book or government site where i can find it !
Please answer & refer it !
CA Abhishek K. Singh (Executive (F&A)) (39 Points)
26 December 2012whether input of CST is available against liability of CST ? If not Where i can find it ?
I want to refer any book or government site where i can find it !
Please answer & refer it !
CA Gaurav Ajit Potdar
(Chartered Accountant)
(846 Points)
Replied 26 December 2012
No you cannot setoff input of CST againts liability of CST, the logic behind it is that cst is the revenue of the state if you setoff input cst which is the revenue of other state againts revenue of your state it will be loss to your state.
Eg: If you purchase some goods from say state A then it will be revenue of state A. and then you sale some goods in your state or outside your state it will be revenue to your state.against which you can setoff intrastate purchases which is also revenue to your state, but if you setoff purchase from state A it will be loss to your state thats why it is not allowed.
You can refer Indirect Tax Book from the Author Sanjay Bangar.
LIVE Form 10 B and Form 10BB: Handle Tax Audit Reports of Charitable Organizations(with recording)
CAclubindia
