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"Lab Practice" on CST (Inter-State Transactions) @ Tally.ERP 9

 

1- Company Setup for CST Features of Tally.ERP 9

Create a new company - Swayam Traders to understand the CST Feature of Tally.ERP 9.

 

Swayam Traders is a registered dealer under the CST Act and is one of the leading all India distributors of industrial powder paints. It purchases various shades of powder paints from NeXT Paints (P) Ltd. Green Park, New Delhi and supplies to registered dealers outside the State on submission of the prescribed formats.
 

2- Creating Masters for CST Transactions

 

3- Inter-State Purchases

On 10-4-2015, M/s. Swayam Trade rs purchased the following items from M/s. NeXT Paints

(P) Ltd. New Delhi, vide Invoice No. 12345/15-16, amounting to Rs. 148500.

 

Product Description

Quantity

Rate

Black  Grey Mix

500 Kgs

190

Golden Brown

100 Kgs

285

Metallic White

100 Kgs

250

 

 

Enter the details of the transaction in a Purchase Invoice.
 

4- Inter-State Sales against C Form

On 17-4-2015, M/s. Swayam Traders sold the following items to M/s. Shweta Industries, Delhi against C Form. The freight charges of Rs. 750 were included in the Invoice.

 

Product Description

Quantity

Rate

Black  Grey Mix

100 Kgs

240

Golden Brown

20 Kgs

365

Metallic White

10 Kgs

290

 Enter the details of the transaction in a sales invoice

 

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 13-4-2015, M/s. Swayam 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  Grey Mix

300 Kgs

240

Chocolate Brown

50 Kgs

270

P.O. Red

50 Kgs

245

 

 

6- Branch Transfers/ Consignment Sales against F Form

On 15-4-2015, M/s. Swayam Traders despatches the following goods to their Branch in

Uttar Pradesh.

 

Product Description

Quantity

Rate

Golden Brown

20 Kgs

285

Metallic White

30 Kgs

250

 

 

7- Exports against H Form

On 18-4-2015, M/s. Swayam Traders supplied 100 Kgs of Black  Grey Mix at Rs. 240 per Kg to M/s. Surya Exports against the submission of H Form vide Bill No. 102504 dt. 18-4-15.

 

8- Sales to SEZ Units against I Form

On 20-4-2015, M/s. Swayam Traders supplied 50 Kgs of Metallic White 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.
 

9- Payment of CST

Central Sales Tax is payable in the State from which the goods are sold. The tax so collected is retained  by the state in which it is collected. The State Government Sales Tax Officer who assesses and collects local State Sales Tax also assesses and collects Central Sales Tax.

 

The returns under General Sales Tax of the appropriate State has to be submitted within the due date. The CST payable should be rounded off to the nearest rupee.

 

 

On 20-5-2015, M/s. Swayam Traders paid an amount of Rs. 7,308 towards CST payable of April 2015 vide Cheque No. 015630 dt. 20-5-15.

 
 
 
 
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