journal entries to cst at the time of sale ,cst adjustment and payment?
CA Krishna Chaitanya M (Chartered Accountant) (463 Points)
30 August 2011journal entries to cst at the time of sale ,cst adjustment and payment?
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 30 August 2011
PARTY AC------------DR.
TO SALE
TO CST
(BEING CST SALE MADE)
CST AC---------------------------------------------DR,
TO BANK
(BEING PAYMENT OF CST)
CST AC--------------------DR.
TO VAT AC
(BEING CST ADJUSTED AGAINST VAT)
RECTIFY ME IF I AM WRONG
praveen kumar devarapalli
(Managing Director)
(361 Points)
Replied 30 August 2011
1. CST Sale
Party A/c ...............Dr
To Sale A/c
To CST PAyable A/c
2. CST PAyment
CST PAyable A/c ............Dr
To Bank A/c
3. VAt amount can't adjust for CST Sale. But VAT Input VAT amount can adjust for local vat payment eventhough the goods are sold out of state.
VAT Payable A/c .................Dr
To Input VAt A/c
sivaram
(Asst Mgr-Taxation)
(6918 Points)
Replied 31 August 2011
CST Payment can be adjusted against Local VAT Payable
TRILOCHAN
(SENIOR ACCOUNTANT)
(698 Points)
Replied 31 August 2011
Hi All
Mr Aditya is correct. Mr. Pradeep Kuamr & Mr. Shivaram is wrong.
Regards
TRILOCHAN
sivaram
(Asst Mgr-Taxation)
(6918 Points)
Replied 31 August 2011
Mr Trilochan
Can You tell where I am Wrong I also stated same thing as what Aditya Said
CST Payable can be adjusted against Local VAT
CA Krishna Chaitanya M
(Chartered Accountant)
(463 Points)
Replied 31 August 2011
mr. sivaram, cst payment can be adjusted against vat receivable, not vat payable
jaganathan
(accounts executive)
(272 Points)
Replied 31 August 2011
| Originally posted by : aditya(ca learner) | ||
 |
PARTY AC------------DR. TO SALE TO CST (BEING CST SALE MADE) CST AC---------------------------------------------DR, TO BANK (BEING PAYMENT OF CST) CST AC--------------------DR. TO VAT AC (BEING CST ADJUSTED AGAINST VAT) RECTIFY ME IF I AM WRONG |
 |
Exact Entry.........
TRILOCHAN
(SENIOR ACCOUNTANT)
(698 Points)
Replied 31 August 2011
Mr Shivaram,
I think u got your reply from Mr. Chaitnya
Regards
TRILOCHAN
| Originally posted by : aditya(ca learner) | ||
|
|
PARTY AC------------DR. TO SALE TO CST (BEING CST SALE MADE) CST AC---------------------------------------------DR, TO BANK (BEING PAYMENT OF CST) CST AC--------------------DR. TO VAT AC (BEING CST ADJUSTED AGAINST VAT) RECTIFY ME IF I AM WRONG |
|
Akhil Sharma
(Service)
(141 Points)
Replied 31 August 2011
Agreed with Aditya except entry no.3 as CST payable can not be set off with VAT input.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
CAclubindia
