TaxTMI 
TaxTMI 
Sales Tax Refund
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....ales Tax Refund<br> Query (Issue) Started By: - Mathurthi RamKumar Dated:- 23-5-2015 Last Reply Date:- 15-12-2015 Accounting - Auditing<br>Got 2 Replies<br>Companies Law<br>Greeting to all, We receiv....
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....ed sales tax refund from state government paid in 3 years back.(actually it paid for machinery purchase) I want to know hw to accounting for above. Any Income Tax rules to be noted for this? Kindly gu....
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....ide me. RegardsM.RamKumar Reply By MARIAPPAN GOVINDARAJAN: The Reply: In my opinion you might have booked the sales tax paid as expenditure and when it gets refunded it would be treated as income. ....
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....Reply By Ganeshan Kalyani: The Reply: When sales tax was paid you would have accounted as - 1) Vat paid a/c (P&L) Dr.to Bank a/c 2) to transfer this amount to Current asset - other taxes recoverable a....
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..../c Dr. To Vat paid a/c. 3) when you have received the refund - Bank a/c Dr. To other taxes recoverable a/c. Like you may drawdraw your conclusion how to account the refund.<br> Discussion Forum - Know....
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....ledge Sharing ....