GST amount show in P & L A/c?

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179 Points Posted on 29 October 2019

Sale Rs.1.2 crore, GST 21.60lakhs

Purchases 80 Lakhs, GST  14.40 Lakhs

GST Paid Rs.7.20 Lakhs (21.60-14.40)

My query is that 7.20 Lakh can i show in profit and loss A/C or Show in Current liability 

(That GST Paid in 12 months from April to march)

April to Feb-- 6.80 Lakhs

March --- 0.40 Lakhs

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On 29 October 2019 at 16:03 Report
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"Do the Right Thing...!!!"
128152 Points Posted on 29 October 2019
Are You a regular dealer or Composition dealer...?
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On 29 October 2019 at 16:17
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7059 Points Posted on 29 October 2019
Please give the details you a Regular or Composition dealer
.
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On 29 October 2019 at 16:58
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179 Points Posted on 29 October 2019

client is regular dealer and tax audit applicable

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On 29 October 2019 at 17:12
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"Do the Right Thing...!!!"
128152 Points Posted on 29 October 2019
@ tds files.,

If dealer is a regular dealer and his ITR filing with books of accounts then it's not under PandL account...

If gst paid then it's tallied without balance.

In case it's payable in end of the FY then it will be shown under current liability as duties and taxes...
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On 29 October 2019 at 17:42
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GST Practitioner
55067 Points Posted on 29 October 2019
Yes Mr. Raja Ji is correct , the only payable GST which has been paid in next FY is to be shown under Current Liabilities.
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On 29 October 2019 at 23:23


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