WHAT IS MEANT BY CST? DO THE SUPPLIER CLAIM CST 2% FROM THE
PURCHASER? WHAT ARE ALL THE RULES TO BE FOLLOW WHILE THE
BUYER PURCHASE A 'C'FORM FROM THE CTO?
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Answer Posted / Girish Singh Gobari
CST (Central Sales Tax) is a tax imposed on the sale of goods and services within a state or union territory in India. The supplier is responsible for charging and collecting CST from the purchaser at a rate of 2% (or as per the applicable tax slab) if the supplier is located in a central state and sells goods to a consumer in an inter-state transaction. If the supplier is located in a central state and sells goods to another central state or union territory, they will have to pay CST on their purchase of goods from other states or union territories. The rules for purchasing a 'C' form (Composition Taxpayer) from the Central Tax Officer include:n
1. Eligibility Criteria: Businesses with an annual turnover of up to INR 75 lakhs can apply for composition levy.
2. Registration: Register as a composition taxpayer online on the GST portal.
3. Composition Scheme Opt-In: Opt into the composition scheme annually by filing form GST CMP-01.
4. Tax Rate: Pay tax at a fixed rate (currently 1% or 1.5% depending on the state) instead of the regular GST rates.
5. Invoice Issuance: Issue invoices to customers showing only the total tax amount, not individual taxes (SGST and CGST).
6. Tax Payment: Pay the composition tax quarterly in advance.
7. Limitations: Cannot avail input tax credit (ITC) or file ITC-03 for input tax paid on purchases.
8. Cancellation: Can cancel the composition scheme if required, but must pay all unpaid taxes.
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