GST Input can be Transferred to P/L as expenses
This query is : Resolved
27 August 2023
Whether GST Input can be transferred to profit and loss account,when we want not to claim further as input and transferred to P/L account,
27 August 2023
Yes, unclaimed ITC can be transfer to PandL head. But, before show the ITC in GSTR 3b suitable heads.
03 September 2023
Unclaimed ITC should be reversed. Unclaimed ITC as GST Exp(account) should not be t/f to P&L. GST would be t/f to respective account and thereafter to Trading/P&L/Balance Sheet depending upon the nature of expense.
03 September 2023
Is there any difference in this reply and previous one...???
Please note if any wrong...!!!
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