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Categories >> Accounting >> Accounting General
 
 


 

 
 Audit interview questions  Audit Interview Questions (428)
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 Accounting General interview questions  Accounting General Interview Questions (2844)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4376)
Question
What is an E-1 Sales.
 Question Submitted By :: Accounting-General
I also faced this Question!!     Answer Posted By  
 
Answer
# 1
E-1 Sales means Sales in Transit under CST Act. E-1 is the
form used for proof of Sale in Transit transaction between
the parties in different states in India.
Example - X orders for some goods with Y in another state. Y
dispatches the same with applicable tax invoice as per CST
Act., but during transit X sells the goods to Z and makes
invoice and have the goods delivered to Z with necessary
documentation and communication.
In this transaction C-Forms will be issued by the buyers to
the sellers and E-1 Form will be issued by Y to X.

In international transactions there is a concept of High-Sea
Sales on the same lines.

For more information refer CST Act of the state in which you
are working or consult an indirect tax consultant/expert.
 
Is This Answer Correct ?    42 Yes 4 No
H.r. Sreepada Bhagi
 
Answer
# 2
E1 sale means mediator facliting transacion between the end
customer and actual product manufacturer.

Agency/vendor(Mediator) tooks the order from the customer
to supply the materials from the product manufacturer under
his guidance.

Which means the product manufacturer is not directly
involved with the customer(who actually floated the order).

The product manufacturer supplies the materials to customer
as per the dispatch instuction provided by the Agency/vendor
(Mediator) on his (product manufacturer)document's i.e.Tax
invoice,challan etc.The Product manufacturer will claim his
product value thru" his orinial tax invoice & product
supplied documents from the Mediator agency.This value was
agreed between the product manufacturer & the mediator.

And the Mediator agency claims the product value from the
customer vide his Commercial Invoice in reference to the
documents submitted by the product manufacturer towards
fulfilling the order. This claim value may be more , less
or equal to the product manufacturer.
 
Is This Answer Correct ?    25 Yes 5 No
Suvabrata
 
 
 
Answer
# 3
E-1 Sales means Sales in Transit under CST Act. E-1 is the
form used for proof of Sale in Transit transaction between
the parties in different states in India.
Example - X orders for some goods with Y in another state. Y
dispatches the same with applicable tax invoice as per CST
Act., but during transit X sells the goods to Z and makes
invoice and have the goods delivered to Z with necessary
documentation and communication.
In this transaction C-Forms will be issued by the buyers to
the sellers and E-1 Form will be issued by Y to X.

In international transactions there is a concept of High-Sea
Sales on the same lines.
 
Is This Answer Correct ?    5 Yes 4 No
Paqvan Sing
 
Answer
# 4
E1 SALES/FIRST TRANSIT SALES

a) if goods are sold a dealer in other states is called normal cst sales

b) if goods are sold a dealer in other states while the goods are in the transit. then it is called first transit sales or E1 sales

c) first transit sales or E1 sales are exempt from CST

d) in first transit sale E1 from is issued by the seller and it is a certificate for the first transit sale.

e) E1 from is prescribed by CST rules 1957

E2 SALES/ SECOND TRANSIT SALE

if the buyer of first transit sales of goods sells the same goods to a dealer in the other state while the goods are in the transit then it is called 2nd transit sale/E2 sales

b) the seller of second transit sale shell issue E2 Form to the buyer

c)E2 Form is prescirbed by CST rules 1957

d) 2nd transit sale is exempt from cst
 
Is This Answer Correct ?    0 Yes 1 No
G Srikanth
 

 
 
 
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