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GST amount show in P & L A/c?

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tds files

138 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

Replies (5)

RAJA P M

"Do the Right Thing...!!!"

77792 Points Posted on 29 October 2019

Are You a regular dealer or Composition dealer...?

subhagan sreerangam

5046 Points Posted on 29 October 2019

Please give the details you a Regular or Composition dealer
.

tds files

138 Points Posted on 29 October 2019

client is regular dealer and tax audit applicable

RAJA P M

"Do the Right Thing...!!!"

77792 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...