Donati (Self occupation) 13 July 2019
I had a debit balance of SGST on 31st March 2018 (Reflecting in the Liabilities under Duties & Taxes with debit balance). Only part of it was utilized in 2019 against ITC. How should I treat the balance which is not going to be utilized as ITC. Will it come in P&L as indirect expenses or should I adjust it against the partners' capital a/cs.
CAclubindia Online Learning offers a wide variety of online classes and video lectures for various professional courses such as CA, CS, CMA, CISA as well as various certification courses on GST, Transfer Pricing, International Taxation, Excel, Tally, FM, Ind AS and more. know more
Donati (Self occupation) 18 July 2019
The excess of input SGST was not availed as ITC hence it wont show in portal and moreover it was not going to get availed in future as well.
If I have to write it off by transferring to P&L, what would be the entry. or Can I adjust it in the partners capital a/c.