Interstate purchase with surcharge - urgent

Dear Mam,

i think surcharge that you paid for, is not a current asset for you (i.e. for that amount, input would not be available to you) and you have to pay that amount to the govt., kindly rectify me if the surcharge amount would be eligible as credit like Input VAT, and thus, you should create an account of indirect expenses and just pass an entry...

we wont be getting credit of cst or surcharge

BUT

both needs to be added to purchases and value of stock items

CST part I have don't

facing problem in surcharge

please help

then treat surcharge like CST input, i.e. create account under "duties and taxes" and adjust it / pay it...

pls show me how to do it in tally

not able to do it

tried everything

regards

Dear Shivani Ji

I dont have much knowledge in Tally,still ..:

I think there is no such option in Tally for mapping the said Surcharge.But why dont you include the surcharge in the main VAT rate itself while mapping the VAT??Because surcharge is always chargeable right?

Yes as we are not getting any credit on surcharge no need to account it seperately ,,it would be better to clubb to vat rate

I agree with you all but the thing is how to do it in Tally.

Can anyone please show snapshot of Surcharge Account or

as you all advise of CST Account clubbed with surcharge.

The problem comes when you need to apply the Tax Class !

Please try it on your respective tally software to have a better understanding of the problem I am facing.

regards

shivani

Mam. After Greetings, Go through link or article in Income Tax  > Taxation Entries for VAT, Excise, Service Tax & TDS .......... hope your problem will resolved ..... This is a simple in Tally ..........Just go through this link ..... all entries available and create necessary head under Duties & taxes as liability for credit

Rgds,

Sanjay

Mam. After Greetings, Go through link or article in Income Tax  > Taxation Entries for VAT, Excise, Service Tax & TDS .......... hope your problem will resolved ..... This is a simple in Tally ..........Just go through this link ..... all entries available and create necessary head under Duties & taxes as liability for credit

Rgds,

Sanjay

Dear Sanjay

Can you please provide the link?

I am unable to find it.

Thanks

Shivani

Since CST / SC is cost to importer of goods and importer does not get input credit of CST hence you may also book material cost in purchase a/c with taxes

there is not itc on interstate purchase