A trading company buys good within the state but sells all its good to the neighbouring state. It pays VAT on all its purchases and collects CST on sales. How can the company claim the input vat credit as it doesn't sell anything within the state. Can it claim a refund or can input credit be adjusted against CST? Pl clarify.
Which white paper, reference pls.
Sir,
Each State has eneacted its own VAT laws based on the value added system of taxation and enforcing it within the boundaries of such State. According to Kerala VAT Act, input tax paid by a dealer on his local purchases can be adjusted towards CST due on the Interstate sales effected during the relevant return period. Normally you can also adjust the IPT against CST due.
Thank you
Karia Overseas
Ahmedabad
CA
View Details
Aggarwal Sarawagi and Co
New Delhi
CA
View Details
Shaswat initial support private limited
Ahmedabad
CS
View Details
CAclubindia
