accounting treatment

This query is : Resolved

jeetu (Querist)
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12 August 2009 respected sir,

i want to know whether as per guidance note of ICAI, CST on sales should be shown including or exculding in profit & loss accounts.

As it is cleared that VAT should be shown excluding in profit & loss account but i am doubt about CST.

CA CS CIMA Prakash Somani

CA CS CIMA Prakash Somani (Expert)
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12 August 2009 I think it should be opn same line with VAT

Maninder Jain

Maninder Jain (Expert)
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13 August 2009 CST SHOULD NOT BE INCLUDED IN SALES.

BUT IF THE CONCERN IS ALSO LIABLE TO TAX AUDIT, THEN PLS READ SEC 145A OF INCOME TAX ACT. IT SAYS SALES SHOULD BE SHOWN INCLUSIVE OF ALL DUTIES, TAX.