GST paid include in P & L a/c
This query is : Resolved
29 October 2019
Sale Rs.1.2 crore, GST 21.60lakhs
Purchases 80 Lakhs, GST 14.40 Lakhs
GST Paid Rs.7.20 Lakhs (21.60-14.40)
My query is that 7.20 Lakh can i show in profit and loss A/C or Show in Current liability
(That GST Paid in 12 months from April to march)
April to Feb-- 6.80 Lakhs
March --- 0.40 Lakhs
Purchases 80 Lakhs, GST 14.40 Lakhs
GST Paid Rs.7.20 Lakhs (21.60-14.40)
My query is that 7.20 Lakh can i show in profit and loss A/C or Show in Current liability
(That GST Paid in 12 months from April to march)
April to Feb-- 6.80 Lakhs
March --- 0.40 Lakhs
29 October 2019
Keep GST account separate liability account not passed through p and l.
Credit GST collected 21.60 lacs under liailIty adjust ITC on purchase 14.40 lacs balance 7.20 lacs remit it from liability.
Credit GST collected 21.60 lacs under liailIty adjust ITC on purchase 14.40 lacs balance 7.20 lacs remit it from liability.
Message likes :
1 times
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
- CLOSING STOCK QUERY
- ITR-Capital Gain
- Gst on travel by air for business purposes
- GST ISD Query on various AMCs
- Short Term Gain Reporting ITR
- Loss of interest in PF transfer from EPFO to Trust
- TDS _Long term Capital Gain ref.sec 214 Table 2
- Error in uploading Form 10BD
- TDS on rent received on hardship compensation being rent on redevelopment of building
- F&O reporting in ITR
- 44AD, 44ADA business details
- PF wage ceiling
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
