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
CA R SEETHARAMAN
(Expert)
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.
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