Hi Sir/ Madam
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
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GST Accounting impact on P&L
Replies (2)
You need to take admission on class 11 commerce . All Liabilities are part of Balance Sheet only.
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.
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