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Categories >> Accounting >> Taxation
 
 


 

 
 Audit interview questions  Audit Interview Questions (428)
 CompanyAffairs CS interview questions  CompanyAffairs CS Interview Questions (158)
 Taxation interview questions  Taxation Interview Questions (1904)
 Accounting General interview questions  Accounting General Interview Questions (2830)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4369)
Question
What is the procedure for Sales Tax Filing? which can come 
under this head. whn we file it? wat r all the materials to 
be submitted? 
For eg: i hav a company named 'A'in chennai. my branch 'b' 
is in Bangalore. the sales made in bangalore can be (come 
for sales Tax Filing)filed in chennai? and also the 
purchase from bangalore can be(Sales tax filing) filied in 
chennai?
 Question Submitted By :: Taxation
I also faced this Question!!     Answer Posted By  
 
Answer
# 1
Sales Tax Means VAT, VAT = Output - Input

U have Purchase Some Items and u gain Input vat, and u Sell
Some Items u paid output vat.

your output vat more than input vat u paid to Tax ,

your output vat less than input vat your return is nill.

Sales Tax Submisssion Due Date Ever Month 21st

Every Quarterly Report Submit to Sales tax
 
Is This Answer Correct ?    85 Yes 20 No
Tulasi
 
Answer
# 2
SEE A CO. MADE SALE LOCAL IN CHENNAI THEN U WILL BE LIABLE
TO PAY VAT, IF U TRFD THE GOODS TO UR BRANCH IN BLORE THAT
MEANS IT IS STOK TRFD & THEN U HAVE NO NEED TO PAY ANY TAX
U HAVE TO OBTAIN FORM F FORM UR BLORE BRANCH TO AVIAL
EXEMPTION OF LOCAL TAX RATE ALL IT COME UNDER CST ACT

POINTS TO NOTED

VAT IS PAYABLE ONLY IF IT IS LOCAL SALE IN UR OWN STATE
IF U R SELLING THE GOODS OUTSIDE THE STATE U HAVE TO
COLLECT 2 % OF CST PLUS YOU HAVE TO OBTAIN C FORM FROM UR
CUSTOMER TO AVAIL CST BENEFIT DULY OTHERWISE LAOCAL TAX
RATE WILL BE LIVIED ON UR FIRM
 
Is This Answer Correct ?    39 Yes 6 No
Pawan Kumar
 
 
 
Answer
# 3
What is the procedure of sales tax If I have a construction
company then is it possible to file return quarterly
 
Is This Answer Correct ?    20 Yes 6 No
Aditi Goel
 
Answer
# 4
sales tax has 3 terms No. 1- input tax 2. output tax & 3 net
tax If the company has purchased materials from within the
state that tax given is considered as input tax and if
company has sold materials within the state or outside the
state and charged the tax rate then it considered as output
tax.Interstate sale is considered as CST Sales.

And if company has purchased some materials from interstate
then it should not be considered as input tax it considered
as CST purchase and again if company has purchased some
capital goods for their own use then also the tax paid is
not considered as input tax whatever tax given is considered
as purchase value of that particular materials.

Calculation of net tax payable

output local tax 100
cst sales 200
Total 300
Less input tax 150
total 150

this 150 should be filed on or before 20 of every month
If total tax is payable, nil, or refundable, the above
calculation should be done in form no 100 and filed in the
concerned sales tax department on or before 20th of every
month that form 100 should be 1+1

if total tax is refundable then that tax refund should be
added in input tax and adjusted in next month ( it can be
adjusted before three moths)

if you are transporting materials from one branch to another
branch or one place to another place you need to issue form
no-505, 515, or form F along with delivery challan.these
forms are issued in certain conditions Like Transporting
for demo, sample, repair,transferring one branch to another
branch. ETC depending on conditions forms are issued.
if the company really purchased or sold goods to their own
branch then tax charged should be calculated and filed

And again each branch should calculate their input And
output tax and filed in their concerned department.

regards.
Dileep.
 
Is This Answer Correct ?    17 Yes 4 No
Dileep Jain
 

 
 
 
Other Taxation Interview Questions
 
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types of tax Banking 3
What is the Special provision for computing profits and gains of business of civil construction GET-Engineering-Construction 3
can a company deduct tax at source on thier telephone and broadband billing? if yes then what will be rate of TDS? KIP-Financial 5
i am working as an accountant. i forgot to deduct the TDS of one employee in year 2010-11 of Rs.1141/-. Now what is the procedure or solution for it?   6
Which form we use for depositing VAT? Syntel 8
What is the procisure of sales tax return if i want to file return what i do .   3
How to entry pass tds of sundary debotors   2
Is sales tax payable on commodities on rental   2
TAX should Be deducted on Water Supply Contract ?Why ?   5
what is the different between CST , VAT, and Excise Duty ? Dabur 3
We paid advance rent of office for next 6 months, when should we pay the TDS into bank, is it will monthly or it will be in advance?   7
What is the difference between Sales Tax and VAT?   2
 
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