accounting treatment
This query is : Resolved
12 August 2009
respected sir,
i want to know whether as per guidance note of ICAI, CST on sales should be shown including or exculding in profit & loss accounts.
As it is cleared that VAT should be shown excluding in profit & loss account but i am doubt about CST.
i want to know whether as per guidance note of ICAI, CST on sales should be shown including or exculding in profit & loss accounts.
As it is cleared that VAT should be shown excluding in profit & loss account but i am doubt about CST.
M Prabhakar Menon
(Expert)
12 August 2009
Sales should show the value of goods sold which the seller can claim as his Taxes and duties thereon accrue to the state and is not the income of the seller.if you are showing the sales at gross value ie inclusive of taxes then corresponding taxes and duties should appear as expenses in the P/L a/c.taxes includes VAT CST etc
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