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What is an E-1 Sales.
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Answer / h.r. sreepada bhagi
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 ? | 75 Yes | 10 No |
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 ? | 32 Yes | 5 No |
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 ? | 9 Yes | 1 No |
Answer / paqvan sing
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 ? | 8 Yes | 4 No |
Journalize the Following: 2. Monthly credit sales were $ 35,000 3. Received Cash receipt payments on Receivables in the amount of $ 10,000. 4. Customers’ cheque in the amount of $ 100 bounces and was re-deposited. Book both entries. 5. Material is bought on account for £ 100,000. The exchange rate is Four pounds to One Dollar. Then, later, merchandize is paid for. The exchange rate is Five pounds to One Dollar. Book both entries in Dollar when merchandize is bought and when it was paid. 6. Materials worth $ 20,000 was purchased on account and paid for with 1% discount. Book both entries. 7. Record the purchase of Direct Material on Account in the amount of $ 20,000. Half of it was for stock and the other half for a specific job order. 8. Record the disbursement of $ 1,000 raw material to shop floor for use on specific job
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