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Categories >> Accounting >> Taxation


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 Taxation interview questions  Taxation Interview Questions (1915)
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what is the exact meaning of cst? what is its usage and 
what are the benefits of c form?
 Question Submitted By :: Taxation
I also faced this Question!!     Answer Posted By  
# 1
CST = Central Sales Tax
If customer issues the C-Form then 2% CST is applicable
otherwise full tax is applicable. that means it saves tax.
After delivery of material we have to collect the C-Form
from the party otherwise it is a liability during sales tax
Is This Answer Correct ?    194 Yes 24 No
# 2
Meaning if CST is Central Sales Tax ,Tax given to Central
govt.C form is the form issued by the purchaser to seller
in the event if inter state transfer of goods.Purchaser has
to apply for that form from the sales tax dept showing the
details of transaction done with a party during a quarter.
Benefit of c form is that i is the certificate showing that
the purchase done in a concessional rate of tax than the
normal rate of tax on the goods.For example if A in
Maharashtra purchase goods from B in Gujarat on which 12.5%
tax is applicable,A has to pay full tax on that material
ie.12.5% if A is not issuing C-form to B and if A give C-
form A will get goods in a concessional rate,now it is 2%
and depends on the material and Place(ie uninon
territories).B has to produce this C form to the dept while
the time of assessment.
Is This Answer Correct ?    68 Yes 7 No
Jijo Wilson
# 3
I am getting a product from a supplier from my state itself and supplying to another party in other state against "c"form. what all tax should i pay 
Is This Answer Correct ?    14 Yes 7 No
Pradeep Kumar.n
# 4
This amendment also authorized Parliament to formulate
principles for determining when a sale or purchase takes
place in the course of inter-State trade or commerce or in
the course of export or import or outside a State.
Accordingly the Central Sales Tax (CST) Act, 1956 was
enacted which came into force on 05.01.1957. Originally, the
rate of CST was 1%, which was increased first to 2%, then to
3% and w.e.f. 1st July, 1975 to 4%. The CST Act, 1956 Act
provides for declaration of certain goods to be of special
importance in inter-State trade or commerce and lay down
restrictions on the taxation of such items. The entire
revenue accruing under levy of CST is collected and kept by
the State in which the sale originates. The Act excludes
taxation of imports and exports.
CST being an origin based tax, is inconsistent with Value
Added Tax which is a destination based tax with inherent
input tax credit refund. An amendment to the Central Sales
Tax Act to provide for reduction of the rate of Central
Sales Tax for inter-State sales between registered dealers
from 4% to 3% w.e.f. 1st April, 2007 was effected in.
Through this amendment, facility of inter-State purchases by
Government Departments at concessional CST rate, against
Form-D has been withdrawn. After this amendment, the rate of
CST on inter-State sales to Government will be same as VAT/
State sales tax rate.
Central Sales Tax rate has been further reduced from 3% to
2% with effect from 1st June, 2008. Reduction of CST rate
first from 4% to 3% & then from 3% to 2% has been done as a
precursor to the introduction of Goods & Services Tax (GST),
as CST would be inconsistent with the concept & design of GST.
Is This Answer Correct ?    1 Yes 0 No
Vivek Thakur
# 5
whish is levied for the purcheses made inter stetat 
Is This Answer Correct ?    23 Yes 28 No
Shiva Kumar

Other Taxation Interview Questions
  Question Asked @ Answers
We are Work Contractor. Presently we are under going a infrastructure Project of common wealth Games in Delhi. I want to know that how much wct will be chargeable on this project work???? we are generally using material like, aggregate, coarse sand, bricks, rmc, cement and our labour.   1
what is the rate of tax, when goos purchased from outside the state without way bill   1
what is the percentage of income tax at construction companys   3
what is meaning the central excise duties Excise-Department 15
is it necessary to make payment to party in the same assessment year after deducting tds   2
How to do online submition of form 16 for the f.y-2007-08   1
if there is no express contract between parties,but makes no. of payments to a particular party and those payments exceeds the limits prescribed(i.e 20000 or 50000 as the case may be)is tds applicable for the same?   1
what is the tax of business income ?   7
what do you mean by C form , meaning and example Axson-Revocoat 13
How to enter both TDS receivable & balance payment received in receipt voucher (Single voucher both should be covered) Please help me. I am totally confused.....   3
Which form we use for depositing TDS?   5
For more Taxation Interview Questions Click Here 

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