Paresh Dholu (Chartered Accountants) (393 Points)
25 January 2011I have sold goods out of maharastra against C Form on 27-4-2010 of Rs.51510 as under.
Taxable value-50500
CST @ 2%- 1010
Total Rs. 51510
Now party refuse to provide C form,so for which amt i have to issue debit note to party for tax as well as interest.
i m filling Vat/Cst return on half yearly basis.
i want to pay my tax liability for said party on 02.02.2011.
pls help me. it's urgent
Regards,
Paresh
Pankaj Arora
(Learner)
(3134 Points)
Replied 25 January 2011
Suppose vat on your product is 12.50% And you have already charged 2 % via cst from party so 12.50-2.00% = 10.50% Calculate 10.50% on taxable value i.e. 50500.00 and raise debit note of 5302.50
Babita
(Assit. Manager)
(69 Points)
Replied 01 February 2011
In absense of c form it will be treated like any other local sale and charged to local vat rat.
As you have already charged cst @ 2% and for balance raise debit note to party and pay difference amount to govermnet so as to avoid any interest and penalty in future.
Paresh Dholu
(Chartered Accountants)
(393 Points)
Replied 02 February 2011
Pls give me calculation of tax amt and int. amt for above transaction.
its urgent
sitaram
(Executive Accounts)
(136 Points)
Replied 03 February 2011
Pl check local vat rate of this products & calculate
As per "C" fm recived In absence of "C" fm Differnce (Debit Note)
Taxable Amt 50500/- 50500/- -
@ 2% cst 1010/- 12.50% 6313/- 5303/-
Total amt 51510/- 56813/-
Paresh Dholu
(Chartered Accountants)
(393 Points)
Replied 03 February 2011
pls give me calculation of interest, suppose i issue debit note on 15.02.2011. and applicable VAT rate is 5%.
urgent.........
| Originally posted by : Pankaj Arora | ||
 |
Suppose vat on your product is 12.50% And you have already charged 2 % via cst from party so 12.50-2.00% = 10.50% Calculate 10.50% on taxable value i.e. 50500.00 and raise debit note of 5302.50 |
 |
PANKAJ SIR RIGHT
CAclubindia
