Sales tax collected
Irvin (...) (51 Points)
01 January 2015
sales tax collected will be considered as an expense or liability?
6 Replies
ramnath ganesh subramaniam
(CEO)
(53 Points)
Replied 01 January 2015
Sales tax collected is a liability
shiva
(Account officer)
(22 Points)
Replied 01 January 2015
You collect sales tax. Should pay to gvt. So is liability
Vinod Kumar Lohia
(Proprietor)
(23 Points)
Replied 01 January 2015
Any indirect tax is collected on behalf of Central / State Governments, so it is liability only. The tax not collected but has to pay on account of any ommission on against any assessment is an expenditure.
Arif Ali
(Apt Co Advisory)
(1230 Points)
Replied 01 January 2015
It is liability
However if you include this in sales amount, then it is also a exp rahter than liability.
Arif Ali
(Apt Co Advisory)
(1230 Points)
Replied 01 January 2015
It is liability
However if you include this in sales amount, then it is also a exp rahter than liability. and it muset be shown in debit side of P&L on payment.
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