Home Forum VAT + CST Month 5 2012 2012 (5) This
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SECTION 4 (9) OF AP VAT ACT 2005 - VAT CSTExtract Dear Sir(S), Please help me someone below mentioned issue. Actually we get the registration in July,2011 and we started Sale in the month of Oct, 2011 mid. We are registered under Hotels/Restaurants. Now the issue is we are collection tax for last year i.e october to March,2012 at @ 14.5% and 5% from the customers. But the Commercial tax officer raised the issue we are not suppose to collect the tax @ 14.5% and u r only collection of tax should be @ 5% because of turnover is 1.3 from oct to march. it is under 1.5 crore in anum. so CTO asking what ever collected you should pay with out adusted input credit. We are thinking we paid what ever collected from the customer and set off credit from the material what ever purchase for the business. I feel it is started mid of the year and we reached 1.3 crore turnover if it is started from APril,2011 it may crossed 1.5 crore. Now commercial tax officer do n t allow the tax credit for last year i.e 2011-12.and he raised notice what ever collected from the customer u should paid total amount to the department. I would like to ask ther is no option to set off input credit on raw material items. if there is any notification/ Circular is availbale please provide to me.
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