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what is the exact meaning of cst? what is its usage and
what are the benefits of c form?
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Answer Posted / jijo wilson
Meaning if CST is Central Sales Tax ,Tax given to Central
govt.C form is the form issued by the purchaser to seller
in the event if inter state transfer of goods.Purchaser has
to apply for that form from the sales tax dept showing the
details of transaction done with a party during a quarter.
Benefit of c form is that i is the certificate showing that
the purchase done in a concessional rate of tax than the
normal rate of tax on the goods.For example if A in
Maharashtra purchase goods from B in Gujarat on which 12.5%
tax is applicable,A has to pay full tax on that material
ie.12.5% if A is not issuing C-form to B and if A give C-
form A will get goods in a concessional rate,now it is 2%
and depends on the material and Place(ie uninon
territories).B has to produce this C form to the dept while
the time of assessment.
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About vat, service tax, tds, cenvat
interest paid to bank rs. 15000 in connection with overdraft obtained for paying dividend.
Ganesh & Gopal joined a firm drawing salary of Rs 25000 per month.After serving 3 yrs ,they started business of their own in partnership,contributing Rs200000(expected life 10 yrs,bought spare parts worth Rs 33000 from Kundu on credit.Office supplies were purchased for cash.Initially they were very busy in conducting their business operations but by the end of the 1st year,31/12/2005 they were disappointed when they found their bank balances.Following is the summary of their bank statement. Receipts: Share Capital Rs 250000 Collections from Customers 412000 Payments: Equipment 200000 Salaries of Assistants 88000 Rent advance for 2 yrs 96000 On-year ins. Policy on equipment 12000 Office stationery 27000 Payment to Kundu 29000 Withdrawals of Ganesh 90000 Withdrawals of Gopal 90000 Closing balance c/d 30000 ----------- Total : 6,62,000 Still amount receivable from customers for services to them amounted to Rs 30,000 & closing balance of office stationery is Rs2000,spare parts Rs2600 were utilised by the end of the year .Prepare trial balance with the available information and show total. Also what is the net profit.
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