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gst in P&L..
can gst be included in profit and loss statement?
Replies (4)
You can claim gst paid in p&l as same is an indirect tax.....
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.
If Regular dealer then it's not account in PandL account. It is under "DUTIES & TAXES" head as Current Liability / Asset.
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.
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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