cst payable problem

Joginder_Singh

cst payable is not coming to my Chart of Account it is going to purchase account along with tax

ssingla

Welcome to the forum.

This is a localization issue. Members of other nation will not understand CST i.e. Central Sales Tax applicable on inter state sale in India.

Now your question : Can you repharse it as CST payable account is not credited with the purchase transaction because you have already paid the tax amount to the vendor. CST payable account will be used in sales transaction where the company is liable to deposit the tax collected on sale transaction.

You must be confused because of modifications done in the latest hotfix. Earlied the amount of CST paid on purchase transaction was debited in different account other than the purchase account. This was questioned by many accountants who doesny want this account to appear in the COA. Now if the inventory loading has been selected in the structure, the amount of tax will be added to the purchase account in the posting.