Currently on Central purchases,CST is charged for which we do not get any Input
However,on sales,we have to pay CST
Q1
Purchase Semi Finished Goods
| Particulars | Amount | Particulars | Amount |
| Purchase | 40000 | Purchase | 60000 |
| Excise 12.5% | 5000 | Excise 12.5% | 7500 |
| Total | 45000 | Total | 67500 |
| Vat 5% | 2250 | CST 2% | 1350 |
| Total | 47250 | Total | 68850 |
Sales Finished Goods
| Particulars | Amount | Particulars | Amount |
| Sales | 120000 | Sales | 20000 |
| Excise | 15000 | Excise | 2500 |
| Total | 135000 | Total | 22500 |
| Vat 5% | 6750 | CST 2% | 450 |
| Total | 141750 | Total | 22950 |
What is Excise Duty Payable?
View answer
| Particulars | Amount |
| Output Excise | 15000 |
| Less | |
| Input Cenvat | 7500 |
| Excise Duty Payable | 7500 |
What is Vat and CST Payable?
View answer
| Particulars | Amount | Particulars | Amount |
| Output Vat | 6750 | Output CST | 450 |
| Less | |||
| Input Vat | 2250 | ||
| Vat Payable | 4500 | CST Payable | 450 |
There is no Input of CST
Note:-
After Implementation of GST,on Central Purchase and Sales, IGST wil be charged
Input of these can be adjusted in this order
1. IGST on Sales
2. CGST on Sales
3. SGST on Sales
Example
Purchase Semi Finished Goods
| Particulars | Amount | Particulars | Amount |
| Purchase | 40000 | Purchase | 60000 |
| CGST 2.5% | 1000 | IGST 5% | 3000 |
| SGCT 2.5% | 1000 | ||
| Total | 42000 | Total | 63000 |
Sales Finished Goods
| Particulars | Amount | Particulars | Amount |
| SALES | 120000 | SALES | 20000 |
| CGST 2.5% | 3000 | IGST 5% | 1000 |
| SGCT 2.5% | 3000 | ||
| Total | 126000 | Total | 21000 |
What is GST Payable?
View answer
| PARTICULARS | CENTRAL GST | STATE GST | IGST | TOTAL GST |
| OUTPUT GST | 3000 | 3000 | 1000 | 7000 |
| LESS | ||||
| INPUT GST | 1000 | 1000 | 3000 | 5000 |
| GST PAYABLE | 2000 | 2000 | -2000 | 2000 |
This GST CREDIT OF 2000 can be adjusted with Central GST first of 3000 and remaining if left with State GST as shown below
| PARTICULARS | CENTRAL GST | STATE GST |
| GST PAYABLE | 2000 | 2000 |
| Less | ||
| ADJUST WITH IGST | 2000 | 0 |
| BALANCE PAYABLE | 0 | 2000 |