Interview Questions.

Question 1. What Is Registration Under Cst Act In Case Of Central Sales Tax (cst)?

Answer :

Every provider who consists of out the inter-country sales is at risk of pay Central Sales Tax. As per the CST Act, every provider who incorporates out inter-kingdom sales must be registered with the Sales Tax Authority. Intermediaries like marketers and transporters are not required to be registered, on account that they do no longer affect sales. Registered dealers can buy goods at concessional costs by way of issuing the C Form. 

Question 2. What Is Form H Used For, In Case Of Central Sales Tax (cst)?

Answer :

A sale at some stage in the course of export is exempt from CST and also the penultimate sale is deemed to be in direction of exempt from CST underneath the CST Act. The dealer exporting the products should have files in proof of export inclusive of an airway invoice, bill of lading, transport invoice, customs documents, financial institution certificates and many others. However, if the penultimate dealer isn't always having any evidence evidencing that the sale is exempt, the real exporter is required to problem a certificates in H Form to the penultimate supplier.

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Question three. What Are The Types Of Sales Tax?

Answer :

There are two types of Sales Tax: i.E. Central Sales Tax, imposed by the Centre and Sales Tax, imposed by means of each country.

Question 4. What Happens If The Conditions For Cst Act Are Satisfied?

Answer :

The CST Act turns into relevant and CST is levied at the Rate distinctive.
It's miles levied on Turnover, which in turn is computed on the basis of the sale rate.
It's miles payable through the supplier who makes the sale in the direction of interstate change or commerce.
It is payable in admire of sale of goods effected by way of him all through the year.
It is so payable to suitable state in which the provider has a place of business.
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Question 5. What Is Form F Used For, In Case Of Central Sales Tax (cst)?

Answer :

Under CST Act, F Form is used for Branch transfers and Consignment transfers. Goods while transferred from one region to some other below the equal important, is known as Branch Transfer and when it's far transferred to sellers, it's far termed as Consignment Sale. Here the supplier has to grant a assertion in F Form obtained from the consignment agent or department office in any other kingdom to prove that the interstate motion of products isn't always a sale.

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Question 6. What Is Form C Used For, In Case Of Central Sales Tax (cst)?

Answer :

As in line with CST Act, sales tax on inter-state income is four% or income tax charge on the market inside the nation, whichever is decrease, is relevant, when the sale is made to a registered supplier and the goods are covered in the registration certificate of the shopping provider. Otherwise, the tax is better, i.E

10% or tax leviable on sale of goods inside the state, whichever is better. This concessional rate is relevant simplest if the shopping provider submits a assertion in prescribed C Form.

Question 7. What Are The Objectives Of Cst Act?

Answer :

 1. Formulate ideas for figuring out while a sale or buy of products takes vicinity :-

inside the route of interstate change or commerce, or
outside a State, or
within the course of import into or export from India.
2. Provide for the:-

levy of
collection and
distribution
Of taxes on sales of goods within the route of interstate alternate or commerce.
Three. Declare sure goods to be of unique significance of inter country alternate or commerce.

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Question eight. What Is The Rate Of Central Sales Tax (cst)?

Answer :

In an inter-state sale to a registered supplier towards form C the price of CST is four% or nearby sales tax charge whichever is decrease.
If below the neighborhood income tax law, sale or buy is exempt from CST the CST is Nil.
In an inter-kingdom sale to government towards form D the rate of CST is 4% or local income tax fee whichever is decrease.
Rate of CST in case of inter-kingdom sale of declared items without form C or D is two times the rate of tax applicable to the local sale or purchase
Question nine. What Is Inter-state Sale In Case Of Central Sales Tax (cst)?

Answer :

Inter-state Sale is deemed to take area if there is:-

Movement of products from one kingdom to any other or
Transfer of files of name to the goods throughout their motion from one State to any other. The above two modes are at the same time different.
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Question 10. Where Is Central Sales Tax (cst) Paid And Who Collects Them?

Answer :

Central Sales Tax (CST) is payable within the nation in which the products are bought and movement commences. The tax amassed is retained by means of the country wherein the tax is accumulated. CST is administered by means of Sales Tax authorities of every country. Thus, the State Government Sales Tax officer who assesses and collects neighborhood (kingdom) income tax additionally assesses and collects CST.

Question 11. What Is Central Sales Tax (cst)?

Answer :

Central Sales Tax (CST) is a tax on sales of goods levied through the Central Government of India. CST is relevant most effective in the case of inter-state income and not on sales made within the country or import/export of income.

Inter-nation sale is whilst a sale or buy constitutes movement of goods from one nation to every other. Accordingly, consignments to sellers or transfers of products to department or different workplaces isn't always a sale as in keeping with the CST Act.

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Question 12. What Is Form I Used For, In Case Of Central Sales Tax (cst)?

Answer :

Special Economic Zone (SEZ) is a especially delineated responsibility loose enclave and will be deemed to be foreign territory for the functions of trade operations, responsibilities and price lists.

Under the CST Act, elements made by way of a registered dealer to a unit within the Special Economic Zone (SEZ) will not be situation to CST, provided such unit furnishes a declaration in I Form.

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Question 13. What Are The Conditions For Cst Act To Become Applicable?

Answer :

The sale ought to now not take area within the direction of import into or export from India.
There must be a Dealer and such dealer have to be registered beneath the CST Act.
He need to made a sale to any buyer ( registered dealer and unregistered supplier)
He must keep on any commercial enterprise.
He should made a sale of any goods ( declared or undeclared)
The sale have to be made inside the route of interstate alternate or trade ( i.E. The sale have to not be a sale internal a state.
Question 14. What Are Different Types Of Central Sales Tax (cst) Transaction Forms?

Answer :

Dealers must problem certain declarations in prescribed forms to consumers/dealers. The sort of paperwork are C, D, E1, E2, F, H and I. Forms C, E1, E2, F and H are printed and furnished via Sales Tax authorities. Dealers must trouble declarations in those forms revealed and supplied via the Sales Tax authorities. Form D is to be issued via government business enterprise departments making purchases. These bureaucracy are to be prepared in triplicate.

Question 15. What Is Inter-country Sale In Case Of Sales Tax?

Answer :

An inter-kingdom sale takes vicinity whilst a sale or buy:

Leads to movement of goods from one State to any other State.
Is achieved through the switch of documents of title at the same time as the goods are being moved from one State to some other State.
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Question 16. What Are Declared Goods In Case Of Central Sales Tax (cst)?

Answer :

Declared Goods manner goods declared beneath Section 14 to be of unique importance in inter- state trade or trade. Some of the critical objects are cereals, iron and steel, jute, oil seeds, pulses, guy-made fabric and many others.

Question 17. What Is Sale Price In Case Of Central Sales Tax (cst)?

Answer :

"Sale Price" manner the amount payable to a provider as attention for the sale of any items.
It does now not include:
Cash Discount ( together with Trade Discount, Quantity Discount, Additional Discount ). This sum is deducted from sale consideration.
Cost of set up, freight and shipping is excluded ( if such price is one at a time charged).
Goods again by customer within 6 months.
Goods rejected with the aid of customer.
It consists of:
Consideration on the market any items.

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