Vat & cst related transaction in gujarat
Deepak (Partner) (29 Points)
10 June 2012Deepak (Partner) (29 Points)
10 June 2012
Harshal Fifadra
(Chartered Accountant)
(1489 Points)
Replied 12 June 2012
Dear Deepak
Assume the following : VAT PAID = 50 ( IN CASE OF LOCAL PURCHASES ) , CST COLLECTED = 20 , VAT COLLECTED ( IN CASE OF LOCAL SALE ) = 40
Here There is a refund of Rs 10 ( 40-50 ) and since there is a refund in VAT , you can adjust your CST liability against VAT upto the amount of refund i.e Refund of Rs10 would be adjusted against Rs10 of CST liability and finally net CST PAYABLE by you would be Rs 10 ( 20-10 )
Ok ...