EOU is availing CST Refund. So, when CST is paid on purchase of an asset, should the Unit, capitalise the amount paid towards CST or should they treat it as an expense? Pl. Reply
Thanks in advance:)
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CST
Replies (3)
As per AS2 when such refund of taxes is permitted cost of asset does not include such taxes
if cost include the CST paid which is refundable. then we have to exclude it. show CST refundable in current assets till refund is not received.
I totally agree with sivaram and shashi, FA should be shown at net value after excluding the refund to be claimed on CST...or else ur FA would be overstated...
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