A dealer (ABC Ltd.) had sold a product to another dealer (XYZ Ltd.) costing Rs 1002 (incl. cst @ 2%). After 11months, buyer (XYZ Ltd.) has returned the product. So, what should be the entry in relation to sales return in the books of seller (ABC Ltd.).
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Central sales tax
Replies (2)
sales return A/c 1000
CST refundable A/C 2
To Bank A/C 1002
But sir we could not adjust this cst recoverable with payable as the maximum period for cst reversal is 6 months only.
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