Can be round off Gst amt

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Branch Accountant
94 Points Posted on 01 February 2023
Can we round off gst amt collected and payable

for exp if cgst and sgst comes 1525.23 each..

can we account as 1525.

pls advise
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On 01 February 2023 at 10:36 Report
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Quick Summary
This discussion clarifies whether GST amounts can be rounded off. According to Section 170 of the CGST Act 2017, rounding off tax amounts is permissible. Therefore, if your CGST and SGST collected and payable amounts are, for example, £1525.23 each, you can account for them as £1525.

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GST Practitioner & Accounts
15140 Points Posted on 01 February 2023
As per section 170 of the CGST Act 2017:, you have to round off tax , please refer section 170 of the CGST Act.
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On 01 February 2023 at 12:46
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Chartered Accountant
86505 Points Posted on 01 February 2023
Yes you can do so
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On 01 February 2023 at 20:12

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