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.
Thanks
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.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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