CST (Central Sales Tax) ) is a form of indirect tax imposed only on goods sold from one state to another state, which particularly takes into account that the buyer and the seller needs to be in two different states.
What is current CST rate?
The current Central Sales Tax rate in India is 2% in case of sales against declaration in C-Form and in all other cases the rate of CST is the prevailing rate of tax on such goods in the appropriate State. Article 246 governs the subject matter of the laws made by the Parliament and by the Legislature of States.
What is meant by CST tax?
Central Sales tax refers to the tax levied on sales generated during inter-state trade and commerce in a country . ... CST was collected as a percentage of the sale price of the commodity. The statute governing sales tax is Central Sales Tax Act, 1956.
How is CST tax calculated?
| Net Sales Rs. Sales Tax Rate Sales tax Payable | 89,80,000 3% 2,69,400 | 1,20,000 12.5% 15,000 | 58,65,000 2% 1,17,300 | Total Sales Tax 4,01,700 |
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What is CST with example?
CST is levied when the goods are transferred or at the time of generating invoice whichever is earlier. For example, if sale of goods is moved from Mumbai to Bangalore , CST is levied. The revenue collected as Value Added Tax VAT is meant for central government. The exempted goods are not charged CST.
What are the features of CST?
CST stands for Central State Tax. It is a tax levied by the Central Government of the country upon the sale of goods. CST is concerned only with interstate trade or commerce and does not cover trade within the state or export or import of goods . It is regulated by the Sales Tax department of each state.
What is full form CST?
CST full form means Central Standard Time and stands behind 6 hours behind Coordinated Universal Time. It is mainly observed in the regions of Central and North America.
Who is liable to pay CST?
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.
How can I get CST number?
Mandatory documents required to apply for a TIN registration are: ID Proof / Address proof / PAN card of proprietor with 4 to 6 number of photographs, Address proof of Business premises, 1st Sale / Purchase Invoice, copy of LR/GR & payment/collection proof with bank statement, Surety/Security/Reference.
How is CST different from turnover?
| 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 |
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What is the formula for calculating sales tax?
To calculate the sales tax that is included in receipts from items subject to sales tax, divide the receipts by 1 + the sales tax rate . For example, if the sales tax rate is 6%, divide the total amount of receipts by 1.06. $255 divided by 1.06 (6% sales tax) = 240.57 (rounded up 14.43 = tax amount to report.
What is the difference between an excise tax and a sales tax?
Excise taxes are sales taxes that apply to particular products. ... Unlike general sales taxes, excise taxes are usually applied on a per-unit basis instead of as a percentage of the purchase price. For instance, cigarette excise taxes are calculated in cents per pack.
What is exempt from levying CST?
Any movement of goods other than as sale, sent outside the state , is exempted from levy of CST. All dealers who effect inter-state sale and want to avail special benefits like charging lower or NIL rate of CST on submission of Statutory Forms, need to register themselves under the provisions of Central Sales Tax.
What is CST & GST with example?
The short form of Goods and Service Tax is called GST. CST means Central Sales Tax . CST/VAT is charged on sale of goods immediately up on preparation of Sale Invoice or immediately when goods are moved for sale. GST is charged on goods and services at the end stage of distribution of goods.
Is VAT and CST number same?
VAT: Value-added tax or VAT is an indirect tax levied at various stages of production. ... CST: CST, or Central Excise Tax, is an indirect tax levied on interstate sales. CST is not levied at every stage of production , and not even on the sale of the goods if they are sold in the same state.
What is CST in pharmacy?
ABSTRACT. Partially miscible liquids become more soluble with the increase in temperature and at a certain temperature they are completely miscible. This temperature is known as the critical solution temperature (CST) or consolute temperature. The temperature above the phase gets affected by the addition of impurities.
