Sales tax refund


Anushka Kulkarni   01 March 2019

Anushka Kulkarni

 9 points

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One of my Client has received Sales Tax Refund of FY 2013-14

The have made the entry as Sales tax refund recd a/c    dr

                                                 To Bank A/c

What should be the correct entry?Whether it is taxable?

avater

Giridhar S Karandikar (Team Lead)     01 March 2019

Giridhar S Karandikar
Team Lead 
 708 likes  6880 points

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it should be Bank AC Dr
to Sales Tax Refund Receivable Account
Since money is received in bank so bank shud be debited and not credited


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