Dear Sir,
I wanted to know that, if we receive any interstate bill Including the cst & Frieght Exp. While posting the entry in system it will be bifercated or not ? We are not dealing with the Interstate sale .
Treated as a Part of Cost or not ?
For e,g. We got a Interstate purchase bill of value 20000 (Including CST-360 & Frieght-2360) what will be the entry. While Frieght will be treated as a part of Cost ? We are not dealing with the Interstate Sale ..
Thanks
Rahul Panday
No it freight charges will not included on the tax portion. simply i can shown trading & profit loss a/c as carriage inwards.while filing the returns u want should cst purchase and uwant issue c form to the party only with taxable amt with cst rate and not with the transport charges.while accounting uwant put separate entry for carriage inwards. it will not form part of the cost of the materials.
Thanku Sir,
For clearifying my doubt.
CAclubindia
