mallya
(industry)
(76 Points)
Replied 06 May 2008
dear mr zia,
You will have to pay at 3% to the sales tax dept whereas you have collected only 2%; The balance 1% either you collect it from your buyers by sending debit note or you pay from your pocket if they are not agreeable to pay or they wont pay.
vineet Sharma
(Professional)
(20 Points)
Replied 07 May 2008
In this budget it is a very specific proposal to levy cst @ 2% w.e.f. 01.04.2008. It is only administrative measure to issue the notification. It should be w.e.f. 01.04.2008 only i.e. notification should have retrospective effect.
vineet Sharma
(Professional)
(20 Points)
Replied 07 May 2008
even VAT set-off retained @ 3% can be modified to 2% i.e. VAT retention will also be 2% only. Maharahtra Govt. has specifically amended MVAT Act and linked the VAT retention with CST rate. Hopefully other states have also done the same.
If CST @ 2% is w.e.f. 01.04.2008, irrespective of date of notification, VAT retention is also 2% only.
venkatesan.s
(chartered accountant)
(20 Points)
Replied 19 May 2008
venkatesan.s
(chartered accountant)
(20 Points)
Replied 19 May 2008
CAclubindia
