Ind as 24
This query is : Resolved
24 July 2019
As per related party disclosure we have to disclose the transaction value. I have a question that the amount of transaction value would be inclusive of GST amount or exclusive of GST.
For Example if transaction between related party for sale is Rs 100000.00 plus gst Rs 18000.00 should we disclose Rs 100000.00 or Rs 118000.00 as transaction value.
For Example if transaction between related party for sale is Rs 100000.00 plus gst Rs 18000.00 should we disclose Rs 100000.00 or Rs 118000.00 as transaction value.
28 July 2019
It is always advisable to Present related parties disclosures exclusive of Taxes, because otherwise there will be a mismatch between amounts as per statement of profit and loss and related party disclosures for a company set up for doing Related party transactions only. (We can write specifically that amounts are exclusive of taxes).
regards
CA Kamal Kant
regards
CA Kamal Kant
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