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Treatment Of CST

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(Querist)
16 January 2010 While purchasing we include cst in cost of item, while selling shall it be included in sales or shall it be bifurcated from sales?
If it shall be bifurcated from sales then , in which group shall it be included, in Duties & Taxes or in any other group?
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C.A.Javid Patel

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C.A.Javid Patel (Expert)
16 January 2010 If sale price is Rs. 112 and include 12 rs cst then entry is

Debtor Dr. 112

to Sales Cr 100
To CST payable (Current Liab)cr 12
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Harminder Singh

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Harminder Singh (Querist)
16 January 2010 Thank you Sir,
am i right, that cst on purchase shall be included in cost of item and there is no need of its bifurcation from sales?
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Randeep Singh

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Randeep Singh (Expert)
17 January 2010 Dear,
CST included in purchases need not be bifurcated, as full invoice value is cost of that item.

Cheers!
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