Please note that all below questions pertain to Karnataka VAT
1) Is it possible to claim set off of VAT paid on all items (including stationary, Furniture etc) bought by the company against VAT collected on all sales (i.e. sale of trading items)? If not what is the criteria for setting off?
2) For setting off should the % VAT be same? For example: An item is bought on which of VAT % is say 20%. If the items of the company is sold on which VAT % is say 4% can set off be claimed?
3) At present what are the rates of VAT prevailing?
4) Can VAT be set off against CST?
5) Is set off allowed under CST Act like it is in VAT Act? In other words can CST paid be set off against CST collected?
6) Are any registers to be maintained statutorily under VAT and CST Act?
7) In whose favour cheques are to be drawn for payment of: a) VAT b) CST.
8) Can one issue just one cheque for payment of both VAT and CST payable during a
month?
9) Can cheque be paid along with VAT / CST return?
10) Are export sales exempt from Sales Tax?
10a) what is the difference between Tax invoice and Bill of Sale?
11) Are there any challans to be filled up for payment of VAT /CST?
12) Can payment of VAT / CST be made in banks instead of paying to the department
directly?
Please answer questionwise. Thanks .
