TMI BlogTNVAT ITC reversal for CST 2% sales - VAT - CST - GSTX X X X Extracts X X X X X X X X Extracts X X X X ..... Dear All ITC Reversal of CST sales formula given by our CTO is =(ITC*cst sales/total sales )*(3/5or 14.5 applicable). in My doubt is Total sales = 5%+14.5%+Export sales+ CST 2% sales is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it correct ? and Our CST Sales included own manufacture sales products + imported traded item. while taken of CST sales of ITC reversal whether i will taken both or only manufacture sales i reques ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t pls provide the reply - Reply By Rangarajan D V - The Reply = Hi Selva Total sales means all sales including VAT + CST + Export sales. If you have sales of both own manufactured and traded go ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ods, ITC reversal is required to be done only for manufactured goods since input tax credit is availed on the goods bought within the State of Tamilnadu, and used in the manufacture within the State. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Accordingly, the denominator (i.e. Total Sales) and CST Sales on which ITC reversal to be made, should show only manufactured goods and not both. Hope you are clarified. - Reply By selvakumar J - T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Reply = Thank you sir. Now I got clarity Regards selvakumar.J - TNVAT ITC reversal for CST 2% sales - VAT - CST - GST - Query Started By: - selvakumar J Dated:- 19-7-2014 Value Added Tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - VAT-CST - Got 2 Replies - VAT and Sales Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanage ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mentindia.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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