Disclosure under AS-18 with Indirect Taxes?

Stat Audit 97 views 1 replies

Tanay Choksi

Student

112 Points Joined November 2008

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

Replies (1)

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.