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
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Opting our of sec 44AD
- Regarding TDS Applicability For Director Remuneration
- Regarding appeal to GSTAT
- Multiple trade mark
- Copyright software
- Value of property in capital gain
- LC charges in relation to Asset purchased should be Capitalised ?
- Transporter Declaration form
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- Taxation on Swing Trading Income (No Other Income)
- 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
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
