hi,
I was helping my client in his tally entry,and i came across a bill which made me confused on how to correctly enter it in tally.
Here below are the details. will be greatful if u help me out with it.
Quantity: 12.7904 MT
Rate: 23075.90 per MT
Total(12.7904*23075.90) : 295150
cess(1/8%) : 369
Education cess @ 2% : 7
SAH cess @ 1% :4
Total (295150+369+7+4) : 295530
C.S.T @ 1% : 2955
Total (295530+2955) : 298485
Insurance : 148
Grand Total : 298633
Purchase A/c Dr. 2,95,530
CST Expense A/c Dr. 2,955
Insurance exepnse A/c Dr. 148
To Vendor A/c 2,98,633
What is that Cess 1/8%
IF the cess is not refundable then entry is
Purchases A/c Dr 298633
To Creditor A/c 298633
@ V V Prasad... actually i also dnt have any ideaabout thet cess 1/8%. When i asked with client he said that he has to pay in and he also dnt know why.
@ sumit... That CST is non refundable, in which we will put that CST? expense? Liability? Actually this is the thing which i got confused into? How to treat THat CST And 1/8% Cess
MR ARUN
PLEASE CLEAR C.S.T. @ 1% ?????????????
ok
If he is claiming any credit of that cess
like VAT credit like that
If no credit then entry will be for full amount since the cess not refundable
CST is to be taken as cost since it is also not refundable
Insurance u may take it as cost or shown as separately
ok
Mr RAJ,
CST @ 1% has be on the total amount of 295530
The good client purchase was a 1% Taxable good and CST is TAx or 2% whichever is lower so 1% has been levied on it
ok
For insurance u can take a separate A/c or include in the cost
no problem to both
ok
interstate Purchase A/c Dr : 298633
To vendors A/c 298633
(where the taxes paid not claimable,)
Purchase A/c dr.
cst/vat/cess a/c dr. (if credit can be taken,it will be depend on dvat rules )
To vendor a/c
Insurance u can consider it as a indirect expenses.
| Originally posted by : Sumit Grover | ||
 |
Purchase A/c Dr. 2,95,530 CST Expense A/c Dr. 2,955 Insurance exepnse A/c Dr. 148 To Vendor A/c 2,98,633 |
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