Where to show non input gst paid in financial statement
This query is : Resolved
Sunil Pandya
(Querist)
23 August 2019
The Business in general pays expenses like 1)Telephone 2)Bank Charges 3)Certain Municipal Expenses 4) Services etc. This expenses are under GST and bill for the same is charges with GST. This expenses are not taken and are not elegible as input tax credit.
I want to know whether the paid bill should shown as gross amount in P&L and payable amount in Current liability as Net amount+ GST separately? or Paid Net Amount +GST in P&L and payabale amount in Current Liability as Net amount+GST?
I want to know whether the paid bill should shown as gross amount in P&L and payable amount in Current liability as Net amount+ GST separately? or Paid Net Amount +GST in P&L and payabale amount in Current Liability as Net amount+GST?
CA R SEETHARAMAN
(Expert)
23 August 2019
GST on such expenses need not be shown separately show it as gross expenses including GST.
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