Bhavesh (Accounts) (899 Points)
23 July 2014We mainly Import goods and sale it locally. In case of OMS with C form we charge 2% and without C form we charge 5%. We use to make the payment Qtrly. and for Local VAT and CST payment. Can we get the set-off for the Local VAT and CST Paid? Also how one can determine whether one in falling under monthly or quarterly return.
Harshal Fifadra
(Chartered Accountant)
(1489 Points)
Replied 27 July 2014
You can get set off only for the VATABLE purchases made within the state.
For fresh business entities Quarterly return is only applicable.
If your previous year's payment is >10,00,000 or your previous year's refund is > 2,00,000 then monthly return is applicable.
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
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