Accounting for SST

a) SALES TAX

Accounting Basis:-

• Accrual basis

Sales Tax required to be accounted:-

• At the time when the goods are sold, disposed or first used

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b) SERVICE TAX

Accounting Basis:-

• Payment basis

Service Tax required to be accounted:-

• At the time when the payments is received
• On the day following period of twelve month when any whole or part of the payment is not received from the date of the invoice for the taxable service provided