Turnover or Sales definition as per IT Act
This query is : Resolved
CA VENKATASWAMY
(Querist)
12 December 2019
Whether GST Output paid on sales is includable in Turnover calculation as per income tax act? sales in profit and loss account is including GST or excluding GST?
RONAK DARJI
(Expert)
13 December 2019
For calculating Turnover : GST paid on sales is : INCLUDED- As per Income Tax.
While Preparing Profit and Loss account: Sales Amount are always without GST.
While Preparing Profit and Loss account: Sales Amount are always without GST.
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