Gst payment allowed business expenses
This query is : Resolved
Quick Summary
Kollipara Sundaraiah
(Querist)
15 June 2021
A gst registered dealer rs:50,000/- net balance tax for may-21 month amount business expenses (profit and loss account debited) allowed in it act.
CA R SEETHARAMAN
(Expert)
15 June 2021
The net balance tax has to be adjusted against GST collected on sales only.
CA Altamush Zafar
(Expert)
15 June 2021
It is a liability. If collected from customer then liability will get adjusted from such collection. If not collected from customer then the gross gst liability will be charged to p&l
Gokul Sharma
(Expert)
16 June 2021
you are not depositing GST from your pocket ...........you paid the collected amount from your customer.
liability should be net off.
liability should be net off.
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