B Com Exam > B Com Notes > Indirect Tax Laws > Nature and Scope of Central Sales Tax (CST), Indirect Tax Laws
Nature and Scope of Central Sales Tax (CST), Indirect Tax Laws | Indirect Tax Laws - B Com PDF Download
Objectives of Central Sales Tax
Here we are giving the complete information about What are the objectives of CST ACT in India? Let us have a look at the Objectives of Central Sales Tax below section.
The principal objects of Central Sales Tax are:
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To formulate principles for determining when a sale /purchase of goods takes place:
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In the course of inter-state trade or commerce under Section 3.
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Outside the state under Section 4.
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In the course of import/ export from/outside India under Section 5.
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To provide for:
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Levy of tax under Section 9(1).
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The Collection of tax under Section 9(3).
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Distribution of tax under Section 9(5) on the sale of goods in the course of inter-state trade or commerce.
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To declare certain goods to be of special importance in the course of inter-state trade or commerce defined in Section 14.
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Taxation of Declared Goods: To specify the restrictions and conditions in the matter of imposing taxes on the sale or purchase of goods declared by the Central Government to be of particular importance in the course of inter-state trade or commerce under Section 15.
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To provide for the collection of tax from companies in the event of the liquidation mentioned under Section 15.
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Authority to settle disputes in a course of inter-state trade or commerce.
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FAQs on Nature and Scope of Central Sales Tax (CST), Indirect Tax Laws - Indirect Tax Laws - B Com
| 1. What is Central Sales Tax (CST) and how does it relate to Indirect Tax Laws? |  |
Ans. Central Sales Tax (CST) is an indirect tax levied on the sale of goods during inter-state trade or commerce in India. It is governed by the Central Sales Tax Act, 1956. CST falls under the scope of indirect tax laws as it is a tax imposed on the sale of goods, which indirectly affects the price of goods and impacts the economy.
| 2. What is the nature of Central Sales Tax (CST)? | |
Ans. The nature of Central Sales Tax (CST) is that it is a destination-based consumption tax. This means that the tax is levied on the sale of goods when they are consumed in the state where the goods are delivered, rather than at the point of origin or sale. CST is levied by the Central Government but collected by the State Governments.
| 3. What is the scope of Central Sales Tax (CST)? | |
Ans. The scope of Central Sales Tax (CST) is limited to inter-state trade or commerce of goods in India. It applies to the sale of goods from one state to another, or from a Union Territory to a state, or vice versa. The sale of goods within a state or within a Union Territory is governed by the respective state or Union Territory's sales tax laws.
| 4. What are the key provisions of the Central Sales Tax Act, 1956? | |
Ans. The Central Sales Tax Act, 1956 contains several key provisions, including:
- Imposition of CST on the sale of goods during inter-state trade or commerce.
- Determination of the nature of sales as inter-state or intra-state.
- Registration requirements for dealers engaging in inter-state trade.
- Determination of the taxable value of goods for CST purposes.
- Exemptions and concessions for certain transactions and categories of goods.
- Rules and procedures for filing CST returns, payment of tax, and claiming refunds.
| 5. How does Central Sales Tax (CST) impact businesses and the economy? | |
Ans. Central Sales Tax (CST) has several impacts on businesses and the economy, including:
- Increased compliance costs for businesses engaged in inter-state trade.
- Higher prices for goods sold during inter-state trade due to the imposition of CST.
- Promotion of local industries and discouragement of inter-state trade.
- Generation of revenue for both the Central and State Governments.
- Influence on the decision-making process of businesses regarding the location of production and distribution centers.
- Impact on the overall competitiveness and efficiency of the economy due to the taxation of inter-state trade.
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