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Sales tax collected
sales tax collected will be considered as an expense or liability?
Replies (6)
Sales tax collected is a liability
You collect sales tax. Should pay to gvt. So is liability
Sale tax paid is exp or lib
Any indirect tax is collected on behalf of Central / State Governments, so it is liability only. The tax not collected but has to pay on account of any ommission on against any assessment is an expenditure.
It is liability
However if you include this in sales amount, then it is also a exp rahter than liability.
It is liability
However if you include this in sales amount, then it is also a exp rahter than liability. and it muset be shown in debit side of P&L on payment.
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