accounting treatment
This query is : Resolved
20 January 2018
As a composition dealer when I purchased any goods with GST , then that GST pay by me where I shown as a balance sheet under duties & taxes or as an expense under profit and loss and also when I pay GST to govt. on my turnover basis then that GST payable entry where I shown? please reply.......
20 January 2018
gst paid on purchase should be included in cost of purchase as you cannot take input credit on the same.
and gst paid on turnover basis is your duties and taxes....should be grouped in expenses.
20 January 2018
You will show the total bill value as Your Purchase value. No need split Basic and Tax values.
(As per CST Purchase - In Vat - Inter state)
(As per CST Purchase - In Vat - Inter state)
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- TDS on Purchase of Immovable Property by NRI from NRI
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Capital gain from sale of house property
- Copyright software
- SFT Cash Deposit in Current Account
- Value of property in capital gain
- Regarding TDS Applicability For Director Remuneration
- FORM 26A APPLICABILITY
- When TDS on GST applied
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
