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I've bought goods from other state at 2% for trading. What
is the rate, I've to charge for my customers?
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Answer Posted / abhivirthi tax and industrial
Inter-state purchases of goods will attract 2% CST against C
Form. If the purchases were not covered by C Forms the same
goods will attract the local VAT of the selling dealer’s
State.
The goods purchased locally or purchased from other
States or imported from other Countries sold to the
customers will attract local VAT rate for the local sales
effected and if the goods were sold inter-state against C
Form at the rate of 2% and in the absence of C Form at the
local VAT rate.
Reply From:
ABHIVIRTHI Tax and Industrial Consultancy
R.R.JAGADEESAN
VAT PRACTITIONER AND INDUSTRIAL CONSULTANT
H-63, Palaami Enclave
New Natham Road
Madurai-625014
Cell: 9994990599.
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CERTAIN LIST OF EXPENSES ARE MENTIONED IN SECTION 35D regarding amortisation of such expenses........not included in the list are expenses like administrative expenses,consultancy fees etc...if these expenses are of revenue nature then well and good enough, problem taken care of.If it is not of revenue nature nor is it included in the list, how do u treat such expenses. Do u capitalise them by way of fixed assets or sunk costs or what do u do? any case laws that talk about expenses not mentioned in the section?
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I run a small consultancy firm (partnership with my mother) from my residence address. My firm is not registered, but I do have a separate PAN for it. I do not have any salaried employees. I get work done by freelancers and vendors and pay them against invoice. My annual revenues are just about Rs 5-6 lakhs. I am aware that I would need to register for service tax once I touch Rs 9 lakhs. But I am confused about my obligation to get a TAN and deduct TDS for all vendor/freelancer payments. Are there any minimum thresholds for withholding TDS? Right now I pay 100% of invoice amounts. Please advise.
