How will you determine the taxable turnover under the CST Act?
Prescribed period is the period in respect of which a dealer is liable to submit returns under the General Sales Tax law of the appropriate state….Download free EduRev App.
| Taxable Turnover = | Aggregate sales including CST X | 100 |
|---|---|---|
| 100 + Rate of CST | ||
| CST = | Aggregate sales including CST X | Rate of CST |
| 100 + Rate of CST |
Who is liable to pay CST?
Every dealer
Every dealer is liable to pay tax under the Central Sales Tax Act, on all sales of goods (other than Electrical Energy) effected by him in the course of inter-State trade or commerce during the year. The tax is payable if the sale or purchase: Occasions the movement of goods from one State to another, or.
What are deemed sales under CST Act?
(1) A sale or purchase of goods shall be deemed to take place in the course of the export of the goods out of the territory of India only if the sale or purchase either occasions such export or is effected by a transfer of documents of title to the goods after the goods have crossed the customs frontiers of India.
What is central sale tax?
Central Sales Tax (CST) is an indirect tax, origin based tax on customers and is payable in the state where a particular product is sold. CST is charged only on inter-state transactions and any transaction within a state or import/export of goods does not fall under its purview.
What is taxable turnover in GST?
As per GST terms, Taxable Turnover means the Taxable value of all taxable supplies (excluding the value of inward supplies on which tax is payable by a person on reverse charge basis), exempt supplies, exports of goods or services or both and inter-State supplies of persons having the same Permanent Account Number, to …
What do you mean by value added tax VAT )? Explain with example?
VAT or Value Added Tax is a type of tax that is charged by the Central Government on the sale of services and goods to the consumers. VAT is paid by the producers of services and goods, but it is finally imposed on the consumers who purchase the services and goods when they pay for it.
What is sale under Central sales tax Act 1956?
The CST Act, 1956 Act provides for declaration of certain goods to be of special importance in inter-State trade or commerce and lay down restrictions on the taxation of such items. The entire revenue accruing under levy of CST is collected and kept by the State in which the sale originates.
What are the penalty and Offences under Central sales tax Act 1956?
Section 10(b) of Central Sales Tax Act, 1956 provides that if any person, being a registered dealer, falsely represents when purchasing any class of goods that goods of such class are covered by his certificate or registration he shall be punishable with simple imprisonment which may extend to six months, or with fine.
What are the two types of registration under CST?
Forms & Procedures under Central Sales Tax (CST)
| Form | Description | Frequency |
|---|---|---|
| A | Application for registration | Once |
| B | Certificate of Registration | Once |
| C | Declaration by purchasing registered dealer to obtain goods at concessional rate | To be obtained for every quarter and submitted on quarterly basis |
Is CST and GST same?
The short form of Goods and Service Tax is called GST. CST means Central Sales Tax. GST is charged on goods and services at the end stage of distribution of goods. Many indirect taxes including CST are being eliminated and merged with GST.
What is GST limit?
There has been no change in the threshold limits for service providers. Persons providing services need to register if their aggregate turnover exceeds Rs. 20 lakh (for normal category states) and Rs. 10 lakh (for special category states).
What is Section 8A (1) of the Central Sales Tax Act 1956?
Section 8A (1) in the Central Sales Tax Act, 1956 (1) In determining the turnover of a dealer for the purpose of this Act, the following deductions shall be made from the aggregate of the sale prices, namely:—
What is section 8A1 of the Central Government Act?
Central Government Act. Section 8A(1) in the Central Sales Tax Act, 1956 (1) In determining the turnover of a dealer for the purpose of this Act, the following deductions shall be made from the aggregate of the sale prices, namely:— the amount arrived a
What is Section 7 (2) of the Income Tax Act?
7 [ (2) The tax payable by any dealer on his turnover in so far as the turnover or any part thereof relates to the sale of goods in the course of inter-State trade or commerce not falling within sub-section (1), shall be at the rate applicable to the sale or purchase of such goods inside the appropriate State under the sales tax law of that State.