The amount of central sales tax, interest, penalty, fine or any other sum payable, and the amount of refund due, under the provisions of this Act shall be rounded off to the nearest rupee*.

where such amount contains a part of a rupee consisting of paise, then, if such part is fifty paise or more, it shall be increased to one rupee and if such part is less than fifty paise, it shall be ignored.

Exam Questions

Question 7
Mr. Mohandas, a first stage dealer of a machine in the State of Maharashtra, furnishes the
following data:

S.No. Particulars  Rs.
(i) Total inter-State sales during current financial year (CST not shown separately) 93,87,000
(ii) Above sales include:  
Dharmada  9,00,000
Freight (` 1,20,000 is not shown separately in invoices)  3,20,000
Cost of corrugated boxes specially designed for packing of the 56,000
Installation and commissioning charges shown separately  52,000

Determine CST payable assuming that all transactions were covered by valid ‘ C‟ Forms and
sales tax rate within the State is 5%.

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CA Maninder Singh

CA Maninder Singh is a Chartered Accountant for the past 13 years. He also provides Accounts Tax GST Training in Delhi, Kerala and online.