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Question Base [F.A.Q.]- Centreal Sales Tax (CST) @ Tally.ERP 9

1. Central Sales Tax (CST) -Meaning & Basics of CST

Sales Tax is a tax levied on the sale of goods. In India, the law for levying sales tax is provided in the Central Sales Tax Act of 1956 which applies to the entire country.

 

Generally, the CST Act does not deal with intra-state or import or export sales. However, with respect to certain declared goods such as oil seeds, sugar, pulses, crude oil etc., the CST Act imposes restrictions on the powers of state governments to levy sales tax even in the case of intra-state sales.

 

Accordingly, sales can broadly be classified into three categories.

 

       Intra-State sales, i.e, sales within the state.

       Sales during import and export.

       Inter-State sales.

   The Act also provides for the levy, collection and distribution of taxes on sale of goods in the course of inter-state trade or    commerce.
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2. Enabling CST & Creating Masters Ledgers affecting CST
Central Sales Tax integrated in Tally.ERP 9 takes care of your inter-state transactions. It elimi- nates error-prone information and comments on appropriate forms to be issued/ received at the end of the month or a financial year or at any point of time. It takes a one-time configuration in Tally.ERP 9 for Central Sales Tax features to be activated
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3. Entering Inter-State Purcahse Invoice

On 5-4-2009, M/s. Oriental Traders purchased the following items from M/s. Unique Paints (P) Ltd. Goa, vide Invoice No. 2458/08-09, amounting to Rs. 148500.

 

Product Description

Quantity

Rate

Black Matt

500 Kgs

190

Golden Yellow

100 Kgs

285

Metallic Blue

100 Kgs

250

 

 

Enter the details of the transaction in a Purchase Invoice.
 
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4. Inter-State Sales against 'C' Form

On 7-4-2009, M/s. Oriental Traders sold the following items to M/s. Sunrise Industries, Delhi against C Form. The freight charges of Rs. 750 were included in the Invoice.

 

 

Product Description

Quantity

Rate

Black Matt

100 Kgs

240

Golden Yellow

20 Kgs

365

Metallic Blue

10 Kgs

290

 

 

Enter the details of the transaction in a sales invoice
 
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5. Transit Sales against E1 and E2 Forms

According to Section 6(2) of the CST Act, the first inter-state sale is taxable and the subsequent sale during movement of goods by transfer of documents is exempt from tax, if the sale is made to a registered dealer.

 

Let us consider the following example :

 

On 13-4-2009, M/s. Oriental Traders despatched the following goods to M/s. Star Power Controls, Orissa and raised an Invoice on M/s. Swastik Associates in Madhya Pradesh and charged 4% CST against C Form.

 

Product Description

Quantity

Rate

Black Matt

300 Kgs

240

Chocolate Brown

50 Kgs

270

P.O. Red

50 Kgs

245

 

 
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6. Branch Transfer/Consignment Sales against F Form

On 15-4-2009, M/s. Oriental Traders despatches the following goods to their Branch in Uttar Pradesh.

 

Product Description

Quantity

Rate

Golden Yellow

20 Kgs

285

Metallic Blue

30 Kgs

250

 

 
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7. Exports against H Form

On 20-4-2009, M/s. Oriental Traders supplied 50 Kgs of Metallic Blue at Rs. 290 per Kg to M/ s. Track Innovations (P) Ltd. a unit in SEZ located at Chennai, against the submission of the I Form.

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8. Sales to SEZ Units against I Form
On 15-6-09, Universal Traders sold to Somi Telicomm, Bangalore, Surya lamps 8 Nos. at Rs. 350 each and Philips lamps 5 Nos. at Rs. 550 each. VAT @ 4% was charged addition- ally.
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9. CST Forms Receivables Report
Tally.ERP 9 facilitates the generation of CST related reports i.e Forms Receivable and Forms Issuable Reports for any period of time. It also offers the facility of auto-filling the form number for transactions related to the same dealer during the year, which hastens voucher entry and reduces the possibility of errors.
 
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10. CST Form Issuable Report

In Tally.ERP 9, you can generate the Forms Issuable Report ledger-wise. This report comments on various forms to be issued to the dealer for any given period of time. It displays the date of transaction, CST Purchases ledger employed, gross amount inclusive of CST, form types and also contains two additional fields: Form Number and Date, which can be filled when the pre- scribed forms are issued to the selling dealer or supplier.

 

Similar to the Forms Receivable Report, this report is also generated at the end of a financial year or month end (in specific cases) and can be generated at any point of time in Tally.ERP 9.
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11. CST Practical Exercise

Practice Exercise

 

M/s Jaykanth Agency is a registered dealer under the CST Act and is one of the leading distrib- utors of refractory materials. Create the following masters and pass the following transactions as per the CST Act:

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Q-Base [ F.A.Q.]
Question Base [F.A.Q.]- Centreal Sales Tax (CST) @ Tally.ERP 9
Question Base [F.A.Q.] on EXCISE for DEALER @ Tally.ERP 9
Question Base - EXCISE for MANUFACTURER @ Tally.ERP 9
Question Base [F.A.Q.]- 'JOB Costing' @ Tally.ERP 9
Question Base - PAY-ROLL @ Tally.ERP 9
Question Base [F.A.Q.]- Point Of Sale (POS) @ Tally.ERP 9
Question Base [F.A.Q.]- Service TAX @ Tally.ERP 9
Question Base [F.A.Q.]- Technology & Utility @ Tally.ERP 9
Question Base [F.A.Q.]- Value Added Tax (VAT) @ Tally.ERP9
 
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