Gst in income tax returns

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ACCOUNTANT
89 Points Posted on 02 August 2018

Dear sir/mam,

While preparing a profit and loss account, will sales and purchases include GST or not? if paid under composition scheme, Can we claim "Paid GST " in income tax returns as an expense? if yes then what will be accounting entry pass ? pls. suggest.

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On 02 August 2018 at 19:58 Report
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CA qualified
389 Points Posted on 02 August 2018
irrespective of the accounting entry, taxes paid can be claimed as an expense. In books, you can expense it off in P&L
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On 02 August 2018 at 20:36
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ACCOUNTANT
89 Points Posted on 03 August 2018

THANKS ALOK KUMAR,

CAN WE SHOWN IN B/S(CAPITALISED) INSTEAD OF P/L?

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On 03 August 2018 at 13:23
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ACCOUNTANT
89 Points Posted on 03 August 2018

SORRY Ashok Kumar

 

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On 03 August 2018 at 13:25

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