shobhit chandra (ipcc student) (707 Points)
29 October 2012
Harshal Fifadra
(Chartered Accountant)
(1489 Points)
Replied 30 October 2012
Dear shobhit
cst is levied on inter state sales..
as per the cst rules , cst cannot be deducted from Input tax credit........
However in case if the input tax credit = 100 and vat payable on sales made = 90 and cst = 20
so
u have a refund ( excess input tax credit ) of Rs.10 ( 100 - 90 ) which can be utilised to set off the cst liability ... so net cst liability = 10
( 20 - 10)
cst payable can be adjusted against input tax credit only when there is excess input tax credit
( refund )
Ok.....
ABHINANDAN JAIN
(CA Student)
(886 Points)
Replied 30 October 2012
Pls go thru this link and download VAT file frm there:
/share_files/complete-note-on-vat-prepared-by-abhinandan-jain-35186.asp#.UI-YK2e_RFA
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