sto accounting entry problem

[Former Member]

Hi,

In STO process I need accounting entry as follows:

CenVat Suspence Dr - 420/-
Vat  Suspence DR 100/-

Exice Duty Payable Cr - 408/-  
ECS - Excise Payable Cr - 8/-   
H & S ECS - Excise Payable     Cr  - 4/-  
VAT Payable on Stock Transfer. CR  - 100/-   

Please suggest me on VAT…

[bsivasankarreddy_reddy]

hi

you can contact your FI consultant , because all  excise duties at single g/l account , then only your reequirment is possible  ,  basically excise duties post different g/l account , once conform the you FI consultant then make your requirement 

[suman_sardar2]

Hi Deb,

Are you going to capture VAT at the time of STO.If yes then can you tell me more about the business needs.

Plz note that STO is not a sales to a customer so it is not advisable to make any entry in the VAT G/L.

Another thing is that Excise is not calculated as Tax amount in the sales process.May be you have seen that Excise values come in the Net Value field not in the Tax amount field in Sales Order.

I would request you to express your exact business requirement if possible with some example.

Hope you not mind...

Thanks,

Suman

[jignesh_mehta3]

Hello Deb,

Why are you charging VAT on Stock Transfer?

To the best of my knowledge there is no Sales Tax on Stock from one Plant to another. Ideally VAT & CST (Sales Tax) is payable on Sales Transaction & Stock Transfer is not a Sales Transaction.

Thanks,

Jignesh Mehta