TMI BlogTN govt- ITC reversal for CST2% salesX X X X Extracts X X X X X X X X Extracts X X X X ..... Dear Sir, TN VAT for CST sales 2 percent ITC reversal 3 percent is applicable to Nov13 return ? Pl provide the ITC reversal amount for the following exmaple. Total ITC taken Rs. 5000/- Total interstate CST 2 percent sales [against C form] is Rs. 75000/- Total sales is Rs. 100000/- How much ITC reversal i have to done. pl give calculation with the above example. Thanks, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Venkat - Reply By Nagarajan Kannan - The Reply = Hi I attach a sample calculation for your reference. Anyway you may discuss the same with your ST consultant before you prepare your return. ILLUSTRATION INPUT TAX INPUT TAX PURCHASE VALUE Original rate 5 percent 20000 14. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 50 percent 29000 5 percent 400000 Reversal rate 3 percent 12000 3 percent 6000 14.50 percent 200000 Balance 2 percent 8000 11.50 percent 23000 CST Sales 2 percent 100000 Proportionate Reversal for CST Sales 2 percent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Reversal out of 5 percent -1 1200 (12000*CST Sales/Total Sales) Reversal out of 14.5 percent -2 600 (6000*CST Sales/Total Sales) TOTAL 1800 TOTAL TURNOVER Rs output VAT/CST VAT 5 percent Sales 600000 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 30000 VAT 14.5 percent Sales 300000 43500 CST 2 percent Sales 100000 2000 TOTAL 1000000 75500 TOTAL TAX PAYABLE VAT CST OUTPUT TAX 73500 2000 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... INPUT TAX 49000 0 Less: To be reversed-CST sales 1800 Balance Input tax available 47200 NET OUTPUT VAT PAYABLE 26300 CST PAYABLE 2000 - Reply By venkat eswaran - The Reply = D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ear Sir, Thank u very much for ur reply with example. Sir i have one doubt, CST sales includes CST amount also or taxable Turnover? Total Sales means included VAT +CST or Taxable Turnover? Pl give ur valuable feeback. Thanks Venkat - Reply By Nagarajan Kannan - The Reply = Hi Total Sales excludes VAT and CST. It does not include VAT or CST amount. Regards Kannan - Re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ply By Thiru sambandam - The Reply = Hi, Mr.Venkat Apply below formula, Sales Effected with C form ITC Claimed * CST Sales 2 percent 3 * Total Sales (VAT+CST) Rate of Tax - Reply By venkat eswaran - The Reply = Thiru Sambandam sir, Thanks for your reply and formula, i have one query CST sales inc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ludes CST 2 percent amount? Total sales includes VAT + CST amount? I cheqcked with our range AC he said it is inclusive CST sales includes CST 2 percent and Total sales included CST and VAT amount. Kindly clarify Venkat - Reply By Ravikumar muthusamy - The Reply = it is absolutely sales amt only without tax amt - TN govt- ITC reversal for CST2% sales - Query Started By: - ven ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... kat eswaran Dated:- 19-12-2013 Value Added Tax - VAT-CST - Got 6 Replies - VAT and Sales Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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