Akarshak Maheshwari (student) (55 Points)
31 July 2012
Yajendra Adhikari
(Chartered Accountant)
(334 Points)
Replied 31 July 2012
Intra-state purchases are eligible for credit.
CST purchases are not eligible.
Entry Tax is eligible.
Poonam
(CA Final Student)
(218 Points)
Replied 31 July 2012
In case of , if the goods are purchased from same state , you will get the input tax credit of vat tax amt.
But in case of , if goods are purchased from other state where CST is applicable , you cant get input tax credit of cst tax .
DHARMENDRA SHARMA
(Senior staff)
(444 Points)
Replied 31 July 2012
Goods purchased within state then you can claim ITR.But goods purchased from outside state not eligible for IT Rebate.Although,if you have sold any goods outside state and have collected CST then you can set off the CST payable from VAT input.
S.ASWATH
(Manager)
(704 Points)
Replied 01 August 2012
Goods sold outside of state can we take the corresponding purchase credit
S.ASWATH
(Manager)
(704 Points)
Replied 01 August 2012
THEN CAN YOU CLARIFY THE EXAMPLE 8 ON THIS ATTACHEMENT WHICH IS DOWNLOADED FROM TNVAT
S.ASWATH
(Manager)
(704 Points)
Replied 01 August 2012
SORRY, example No 8 of this attachement
Poonam
(CA Final Student)
(218 Points)
Replied 01 August 2012
For Example 1
If he register himself , then after registration & receiving the Tin No , he have to charge tax on his sale & also get input tax credit & also set off the input credit Balance Tax is payable by the dealer.
Poonam
(CA Final Student)
(218 Points)
Replied 01 August 2012
Sorry instead of Example 8 , I answerd example 1
For Example 8
S.Aswath , what u want to say , they already taken ITC against Cst Sales.
Ans & its calculation are proper. In ITC 1st you have to consider ITC against VAT payable & after that if any balance in ITC you can adjust it against CST payable
S.ASWATH
(Manager)
(704 Points)
Replied 01 August 2012
i want the clarification on the reversal portion that how the formula works that i can able to identified but what is the rule applies for that
Nand Kumar
(Sales Tax Consultant)
(21 Points)
Replied 04 August 2012
ITC available only on the intra-state purchase, entry Tax
CST is not come under ITC act
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