hii friends,
Can CST payable be setoff against VAT input Credit. Or VAT input credit can be utilized only against VAT payable..?
16 Replies
M P Singh
(Service - Finance & Taxation)
(180 Points)
Replied 04 June 2008
Hi,
Any surplus of VAT input after adjusting the output VAT of the relevant period can be adjusted aginst CST liability if any for that period and balance VAT input can be carried forward to next month or quarter as the case may be .
Regards,
M P Singh
sri
(Software)
(83 Points)
Replied 05 June 2008
Sorry for jumping into this issue. Got little bit confused.
If VAT Output is more (say 1000) and VAT Input is less (say 500) and there is CST paid on inputs (say 300). Can I nett off all these and pay 200 to the Govt ?
Or this set off is possible only VAT Input is more.
Thanks
Sridevi
M P Singh
(Service - Finance & Taxation)
(180 Points)
Replied 05 June 2008
No ........you can't ...... you have to pay 500 to the govt. and CST paid on interstate purchases is the cost to you .
you can only save the CST INPUT after the proosed date 01.04.2010 (IF IMPLEMENTED BY THE GOVT.) when the CST will be psased out and against form - C will be ZERO
Regards,
M P Singh
srinivasulu
(Accountant)
(63 Points)
Replied 05 June 2008
No, u can setoff CST payable with VAT input credit
harikrishna
(Article)
(26 Points)
Replied 09 June 2008
yes, surplus vat input credit setoff aganist CST liability. and excess carry forward for later years
harikrishna
(Article)
(26 Points)
Replied 09 June 2008
vat input credit is not available for CST paid. So you have the government RS.500/- as VAT.
CA BISHAN AGARWAL
(Profession)
(93 Points)
Replied 12 June 2008
YES CST CAN BE ADJUSTED WITH VAT INPUT AFTER IT IS ADJUSTED WITH VAT OUTPUT BUT CST ON INPUT IS NOT TO BE SET OFF WITH VAT OUTPUT
P.Saravanan
(Finance Manager)
(110 Points)
Replied 15 June 2008
Dear Friends,
Can You please explain me the following issues w.r.t TN VAT Act
1. What is the period limitation of availing input credit for raw materials ?
2. Goods purchased wihtin the state and sold in interstate as Sales, consigment with/ without Form F , how the ITC reversal takes place ?
3.While reversing the ITC whether is it any cealing on the rate ?
4. CST paybale can it be set off against VAT input Credit ?
Please clarify
P.Saravanan
S. MURALIDHARAN
(CHARTERED ACCCOUNTANT)
(21 Points)
Replied 15 June 2008
1. Period of Limitation of availing input credit is 6 months from the date of purchases.
2. In the case of ITC reversal on INTERSTATE SALES-Confirm whether the unit is trading unit or manufacturing unit-If its is trading unit you know verywell what is the input you have availed and the same ITC availed has to be reversed, but in the case of MANUFACTURING unit you have to arrive the Material consumption in the respective month and proportion of Interstate sales to total sales has to be arrived and accordingly ITC to be reversed
3. There is no ceiling rate on reversal of ITC-According to my knowledge
4. CST payable can be set off against VAT ITC provided you should have Positive balance in VAT Credit Account
Yours
CA S. MURALIDHARAN, B.COM., FCA, DISA (ICAI)
CHINTHADRIPET, CHENNAI
Parandaman
(Executive)
(20 Points)
Replied 19 June 2008
Dear All,
We have purchased a equipment from one local dealer, but the equipment is manufactured in Pune. In the Dealers Invoice, he clearly mentioned that "Transit Sale under Section 6 (2), and "Against Form C " in his Invoice.
Shall we issue the C form to this Dealer. Please advise, Whether E-I or E II is required.
Please explain.
Paran
M P Singh
(Service - Finance & Taxation)
(180 Points)
Replied 19 June 2008
Hi Paran,
Please complete your question in resepect of : Place of dipatch of goods Movement of Goods and actual place of delivery etc .
Regards,
M P Singh
bhagwati saran
(Service)
(52 Points)
Replied 16 July 2008
Dear Sir/Madam
Can we take Input Credit of vat paid towards purchases of Spare Parts for Machineries
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