Entry tax
This query is : Resolved
Akshay Choraria
(Querist)
03 April 2015
Dear All,
My query is regarding the accounting of entry tax.
1) The client is booking the entry tax as expense under Repair & Maintainence and not under the cost for the product purchased. Is the accounting treatment correct or whether there should be any separate head for entry tax ?
2) Whether entry tax will be booked on purchase basis or consumption basis ?
Kindly clarify.
My query is regarding the accounting of entry tax.
1) The client is booking the entry tax as expense under Repair & Maintainence and not under the cost for the product purchased. Is the accounting treatment correct or whether there should be any separate head for entry tax ?
2) Whether entry tax will be booked on purchase basis or consumption basis ?
Kindly clarify.
CA AnKiT BoHrA (AB)
(Expert)
03 April 2015
rep and main is a wrong head in mah view.. it should b inculuded in the cost of the product purchased....
u can include it in purchase price so that it wil automatically booked as expenses on consumption basis
u can include it in purchase price so that it wil automatically booked as expenses on consumption basis
Akshay Choraria
(Querist)
03 April 2015
If that is the case, then the liability of paying entry tax would arise when the consumption is booked and not when the purchases are made. Will this case, attract any penalties against statutory non-violations ?
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