In Cost sheet of a product, how various taxes like income tax, sales tax, excise, custom duty are treated ? if excluded why ?
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Cost sheet query
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Dear Ashutosh,
In a Cost Sheet of a product, taxes like Sales tax, excise duty, custome duty are included in Cost of Material. If Cenvat & Vat claim availed the Cost of Material should be taken as Net of Cenvat & Vat.
This means above taxes are included in Cost Sheet only if there is no exemptions on Excise, Customs & Sales Tax.
Income Tax Liability is a Financial liablity so it will not be included in Product Cost Sheet.
Girish Kasarekar, MCom, AICWA
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