TaxTMI 
TaxTMI 
TN govt- ITC reversal for CST2% sales
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....N govt- ITC reversal for CST2% sales<br> Query (Issue) Started By: - venkat eswaran Dated:- 19-12-2013 Last Reply Date:- 7-2-2014 VAT + CST<br>Got 6 Replies<br>VAT / Sales Tax<br>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 ....
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....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, 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 VAL....
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....UE Original rate 5 percent 20000 14.50 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 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)....
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.... TOTAL 1800 TOTAL TURNOVER Rs output VAT/CST VAT 5 percent Sales 600000 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 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: ....
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.... Dear 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 Reply By Thiru sambandam....
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....: 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 includes CST 2 percent amount? Total sales includes VAT + CST amount? I cheqcked with our range AC he said it is inclusiv....
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....e 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<br> Discussion Forum - Knowledge Sharing ....