Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
28 Cards in this Set
- Front
- Back
- 3rd side (hint)
|
When can CST be imposed?
|
When goods are traded between two states within India.
|
|
|
|
What is the present rate of CST & who collects the same?
|
2%. It is collected by the State Government.
|
|
|
|
What is meant by Appropriate State?
|
The place in which business is situated.
|
Section 2(a)
|
|
|
Which items are not considered as goods for CST purpose?
|
1.Newspapers, actionable claims, stocks, shares or securities.
2.Standing Trees. 3.Sale of Electricity. 4.Sale of Lottery Ticket. 5.Duty Drawback. |
1.CST is levied if old newspaper is sold as waste paper.
2.Timber cut, becomes a movable property & hence CST levied. 3.Sale of DEPB scheme is taxable. |
|
|
What are the places considered as place of business for CST purpose?
|
1.Place of agent.
2.Warehouse & Godown. 3.Place where dealer stores goods or maintains books of accounts. |
2(dd)
|
|
|
What is NOT considered as a Sale under CST?
|
1.Mortgage.
2.Hypothecation. 3.Charge or pledge of goods. |
2(g)
|
|
|
What are the items to be included while computing the sale price for levying CST?
|
1.Cost of material & packing
2.Insurance borne by the seller 3.Bonus discount 4.Freight if not shown separately 5.Dharmada or charity charges 6.CST/Excise duty |
|
|
|
What are the items NOT included while computing the sale price for levying CST?
|
1.Cost of Installation
2.Insurance borne by the seller 3.Trade/Cash discount 4.Goods returned within 6months 5.Goods rejected 6.Export incentives 7.Subsidy paid by the government |
|
|
|
Mention the sale transactions that are considered as deemed sales under CST.
|
1.Compulsory sale
2.Goods involved in works contract 3.Hire purchase 4.Sale of food articles 5.Sale to member of unincorporated association or body of persons. |
|
|
|
What are the different type of sales explained in the Act?
|
1.Inter State Sale
2.Export Sale 3.Import Sale |
Sale or purchase occasions movement of goods or is affected by transfer of document of title of to goods during such movement.
NOTE:Only Inter State Sale is taxable under CST though the Act defines Export & Import sale. |
|
|
Mention a few declared goods u/s 14 of CST.
|
1.Paddy,rice,wheat,pulses
2.Sugar & Khandsari Sugar 3.Cotton fabrics & yarn,jute,man-made fabrics,woven fabrics 4.Hides & Skins 5.Iron & Steel 6.Crude oil, oil seeds 7.Unmanufactured tobacco |
HINT:
Easy to remember the list by correlating the list to the tamil adage, 'Unna Unavu, Udukka Udai, Irukka Idam' |
|
|
Which items are NOT considered as declared goods u/s 14?
|
1.Wheat flour,sooji,maida
2.Peas & peas dhal 3.Gutka |
|
|
|
Which form is issued when applying for registration?
|
Form A
|
|
|
|
Which form is issued by the purchasing dealer & what is the frequency of filing?
|
Form C
Quarterly basis |
|
|
|
Which form is issued by the seller to declare the goods & what is the frequency of filing?
|
Form E-I for first sale
Form E-II for second or subsequent sale Quarterly basis |
|
|
|
Which form is issued for branch or stock transfer & what is the frequency of filing ?
|
Form F
Monthly basis |
|
|
|
Which form is issued when Form C is lost?
|
Form G, Indemnity bond
|
|
|
|
Which form is issued by the actual exporter to penultimate seller?
|
Form H
|
|
|
|
Which form is issued by SEZ unit?
|
Form I
|
|
|
|
Which form is issued by foreign diplomatic mission or consulate in India or Agency?
|
Form J
|
|
|
|
Explain the incidence of CST.
|
1.If buyer is unregistered (including Government), then CST equals LST
2.If buyer is registered a.CST=0 when LST=0 (or) b.LST or CST=2% (WIL) |
|
|
|
What are the circumstances under which CST is not levied?
|
1.Goods exempted by notification
2.Sale to official diplomatic mission in India or UN body 3.Sale in the place of import or export 4.Sale in SEZ, provided buyer has given declaration to seller in Form I 5.Subsequent sale, provided, first sale in an inter state sale, made to regd dealer by t/f of documents during movement of goods & that Form E-II issued to purchaser & Form C to seller. |
|
|
|
Explain the registration procedure under CST.
|
1.Dealer applies for registration in the appropriate state in Form A within 30 days from the date of Inter State Sale.
2.Certificate issued to dealer in Form B, which is non-transferable. 3.Registration is effective from the date of application or date of Inter State Sale (WIE) 4.Amendment is allowed & such becomes effective from the date of application for amendment. 5.Registration can be cancelled within 6 months before end of relevant finacial year. |
Section 7(1)
|
|
|
Explain Voluntary registration under CST.
|
Dealers registered with the State Sale Tax authorities are allowed to voluntarily apply for registration under CST Act even if they are not liable to pay CST.
|
Section 7(2)
|
|
|
When is composition scheme permissible under CST?
|
When a contractor opts to pay sales tax on the total value of contract(when he is liable to pay CST only on the GOODS involved in works contract) at a fixed rate, he is said to have opted composition scheme.
|
|
|
|
Name a few circumstances when penalty is levied under CST.
|
1.A dealer who makes inter state sale or collect CST or issues forms WITHOUT REGISTERING.
2.A registered dealer who issues forms NOT COVERED in his registration certificate. |
Section 10
Quantum: Imprisonment upto 6 months or fine or both. Daily fine upto Rs.50 if it is a continuing offence. |
|
|
Name a few circumstances when penalty is imposed in lieu of prosecution.
|
1.Purchaser gives false representation for availing concessions.
2.Purchased goods used for different purposes. 3.Unregistered dealer acts as registered dealer. |
Quantum:
Sum not exceeding 1.5 times the tax payable. |
|
|
What is the time limit for filing appeal?
|
1.90 days from the date of order.
2.Delay up to 60 days permissible by Appellate authority. 3.Appeal decided within 6months from date of acceptance of appeal. 4.Fees for filing-Rs.5000 |
|
