Will GST net liability payment I.e after deducting itc Have any impact on p&l statement igst is created under duties and taxes which is under current liability in our tally I understand as this is current liability won't impact p&l please advise Thanks in advance
Yes. All gst from sales and purchases is taken to assets and liabilities. But the corporate taxes are calculated below pbt and before arriving at par. Usually taxes are paid one year in arrears.