Profit n loss account
This query is : Resolved
04 July 2018
in case of an automobile dealer we are purchasing it by paying gst. But can we not take gst as part of closing stock value? If we can not then how do we treat gst component that is held up in physical stock in progit n loss accountregards
KAVIRAJA ADDANGADI
(Expert)
04 July 2018
If you already claimed ITC on Stock no need to show ITC again in closing stock value since cost of ITC Would have already set off against tax liability.
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