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vat accounting

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Querist : Anonymous (Querist)
13 July 2010 Q1. In the case of interstate sale vat charged to customer accounted in a cst payable account ?????


Q2. local vat payable ledger account & cst payable ledger account must be maintain seprately?????
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Srikant

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Srikant (Expert)
13 July 2010 No1.
In an interstate sale VAT is not charged on invoice.
Only CST is applicable and Form C required.

No2.
Yes, you need to prepare both ledgers differently, since you are required to file two different returns.

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