First we adjust Output and Input Vat

If there is Vat Credit,then it can be utlized against CST Payable

Case 6

PURCHASES

B LTD   C LTD
Purchase 80000   Purchase 50000
Vat 12.5% 10000   Cst 2% 1000
  90000     51000

SALES

Y LTD   Z LTD
Sale 60000   Sale 120000
Vat 12.5% 7500   Cst 2% 2400
  67500     122400


What is  vat and cst payable?

 

View Answer

 

Case 7

A LTD   B LTD   C LTD
Purchase 40000   Purchase 80000   Purchase 50000
Vat 5% 2000   Vat 12.5% 10000   Cst 2% 1000
  42000     90000     51000

 

 XLTD   Y LTD   Z LTD
Sale 60000   Sale 60000   Sale 200000
vat 5% 3000   Vat 12.5% 7500   Cst 2% 4000
  63000     67500     204000

 

What is  vat and cst payable?

-a- 

Vat Computation     CST Computation  
Output Vat 10500   Output CST 4000
Input Vat 12000      
Vat Payable 0   CST Payable 4000
or        
Vat Credit 1500      
Less     Less  
Adjust against Cst 1500   Adjust against Vat Credit 1500
Balance Vat Credit 0   Balance CST Payble 2500

  1. Tax Practical
  2. Practical VAT CST

About the Author

CA Maninder Singh's photo - Expert in Practical Accounts, Taxation and Efiling
CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 8 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com .