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Section 43B - Tax audit report

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(Querist)
23 September 2019 Dear Sir / madam,

I wish to know: Mr A is routing GST by maintaining duties & taxes. He is liable for tax audit. He has not paid GST for Jan to March 2019, which is shown as payable in Balance sheet. Please tell me, whether this GST of Q4 will be disallowed and added back to his profits in computation?? He is maintaining duties & taxes.

Kindly guide.
Thanks,
Suraj
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Aashok Kumar Sharma online

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Aashok Kumar Sharma online (Expert)
04 June 2020 Payment of GST is a liability and not an expense. It is not shown in PL and any payable or receivable is shown in Financial Statements. Interest and penalty will be levied for delay in GST payment.
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