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gst in P&L..

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625 Points Posted on 13 May 2019
can gst be included in profit and loss statement?
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On 13 May 2019 at 23:36 Report
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Chartered Accountant
86505 Points Posted on 14 May 2019
You can claim gst paid in p&l as same is an indirect tax.....
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On 14 May 2019 at 00:07
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"Do the Right Thing...!!!"
128152 Points Posted on 14 May 2019
If You are under composition scheme then You can book the GST Tax payment in expenditure account...

If Regular dealer then it's not account in PandL account. It is under "DUTIES & TAXES" head as Current Liability / Asset.
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On 14 May 2019 at 10:04
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Chartered Accountant
86505 Points Posted on 14 May 2019
But if the gst is included in sales & purchase , then gst paid is to be accounted for in p&l. Otherwise show it in duties and taxes account.
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On 14 May 2019 at 22:48
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9 Points Posted on 18 September 2023

how to justify it in case of scrutiny. my client is under regular and has debited the paid gst from profit and loss 

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On 18 September 2023 at 11:12


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