accounting treatment
This query is : Resolved
RAJKUMAR SADHUKHAN`
(Querist)
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.......
Gokul Sharma
(Expert)
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)
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