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Currently Input of CST Purchases not available

Q4

C LTD
Purchase 30000
Cst 2% 600
  30600
Z LTD
Sale 40000
Cst 2% 800
  40800

What is cst payable?

CST Computation
Output CST 800
CST Payable 800

In Future
On Central Purchases,IGST(Interstate GST) Will be Charged which can be adjusted with IGST

Suppose CGST Rate is 12.5%+ SGCT Rate is 5%.
IGST Rate will be 12.5%+5%=17.5%

 

PARTICULARS AMOUNT
PURCHASES 30000
IGST 17.5% 5250
GRAND TOTAL 35250

Sales Bill

PARTICULARS AMOUNT
SALES 40000
IGST 17.5% 7000
GRAND TOTAL 47000

 

PARTICULARS CENTRAL GST STATE GST IGST TOTAL GST
OUTPUT GST 0 0 7000 7000
LESS        
INPUT GST 0 0 5250 5250
GST PAYABLE 0 0 1750 1750

 

REMARKS
Input of CST is now available which is a good step
Also there will be no problem of collecting and giving forms like C Form etc
However,tax payable under CST Against C form still appears to be less compared to IGST

  1. GST - Goods and Services Tax, India
  2. GST Impact
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CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 7 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com .
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