Table of Contents
What is CST tax rate?
If any item is returned within 180 days, this tax will not be levied. Note: Sales Tax has been replaced by the Goods and Services Tax (GST) starting 1 July 2017….Central Sales Tax Rate.
| Local Tax Rate | Central Sales Tax Rate |
|---|---|
| Goods exempt from local tax | Nil |
| 1% | 1% |
| 2% | 2% |
| >2% | 2% (form C required) |
What are goods under the Central sales tax Act 1956?
(c) “declared goods” means goods declared under section 14 to be of special importance in inter- State trade or commerce; (d) “goods” includes all materials, articles, commodities and all other kinds of movable property, but does not include 1[newspapers] actionable claims, stocks, shares and securities.
What is Central tax Act discuss the basic features and object of CST?
CST Act classifies goods as declared goods and other goods. The taxes imposed on declared goods are lower than the taxes imposed on other goods. The Central Government of India has developed the CST Act, but it also gives the State Governments the right to reframe rules as and wherever it may deem fit.
What is VAT and CST?
Definition. 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 and GST?
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 sale price under CST Act?
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. But this tax is no longer in force in the territory of India.
How do you calculate CST?
(i) CST payable will be 3%. (ii) CST payable will be 12.5%, since C form is not furnished by buyer….
| 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 |
Which is the present rate of CST in India?
(Present rate of CST Is 2 %) The rate of CST on inter-State sale other than sale to registered dealers shall be the rate of VAT applicable in the State of the selling dealer. The rate of CST on inter-State sale to Government Departments shall also be the rate of VAT applicable in the State of the selling dealer, indicated at (b) above.
What is CST rate for sale without C form?
Sale with C-form :Rate of CST or Vat rate for that goods of seller’s state, whichever is less will be applicable . In case of sale without form C : Vat rate of seller’s state is applicable.
When was the Central Sales Tax Act 2007 passed?
A Bill namely, the Taxation Laws (Amendment) Act, 2007 (Bill No. 13/C of 2007) had been introduced & passed in Lok Sabha in order to further amend the Central Sales Tax Act, 1956.and amendments done by this bill are applicable from 01.04.2007.