TaxTMI 
TaxTMI 
TNVAT ITC reversal for CST 2% sales - VAT - CST - GST
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....NVAT ITC reversal for CST 2% sales - VAT - CST - GST<br> Query (Issue) Started By: - selvakumar J Dated:- 19-7-2014 Last Reply Date:- 23-7-2014 VAT + CST<br>Got 2 Replies<br>VAT / Sales Tax<br>Dear A....
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....ll 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 it corr....
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....ect ? 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 request pls pro....
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....vide 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 goods, ITC reversal....
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.... 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. Accordingly, the ....
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....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: The Reply: Thank you ....
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....sir. Now I got clarity Regards selvakumar.J<br> Discussion Forum - Knowledge Sharing ....