Siddu Reddy (Accountant) (69 Points)
10 December 2014Madams/Sirs
How does CST2% Tax on purchase against C form reflects in the books of account since this is non creditable purchase and how to adjust this amount since it is already under duties and taxes OR it should be added to the product. Kindly help
Piyush Tanwar
(Assistant Manager - Accounts)
(1432 Points)
Replied 10 December 2014
it should be added as the part of central purchases.
No exclusive entry made for taxes as it is non-creditable.
Entry will be :- Central Purchases A/c - Dr
To Sundry Creditors A/c
( with amount excluding freight and any others charges paid by you seperately on that purchase; but including CST @ 2%)
Piyush Tanwar
Tiwari & Associates, Karol Bagh, Delhi
Mobile - 9717468521
Email - imcoolpiyush.tanwar @ gmail.com
Siddu Reddy
(Accountant)
(69 Points)
Replied 17 December 2014
Thank you, Will it be same for CST5% puchase that tax to be added to Product if it is so than how we will bifurcate Purchase of 5% and 2% Etc due to this the actual product value will change
CAclubindia
