Disclosure under AS-18 with Indirect Taxes?

Tanay Choksi (Student) (112 Points)

18 December 2020

Hello,

Whether transactions with related parties to be disclosed with Amount of Indirect taxes?

Exmaple

A and B are related party. A buys Goods worth Rs 100 from B. GST on above transaction is Rs 18/-. So whether to disclose transaction at Rs 100 or Rs 118

Thanks in advance

Reply Follow

1 Replies

gameplaysNmore (96 Points)
Replied 18 December 2020

Dear Sir, requesting you to kindly consider gst while disclosing the related party transaction. As gst amount is derived from the base value of transaction itself and hence the disclosure of such transaction can't be done without gst amount.