a client paid 13.5 tax and 13.5 penalty towards excess stock found when it's inspected by gst enf officials
now how to enter it in books and what is the tax liability under IT ?
sampajis@gmail.com (Prop) (102 Points)
21 January 2020
Roshni
(Studwnt)
(1141 Points)
Replied 25 January 2020
CMA M.Keerthi chandra
(C.A FINAL STUDENT AND QUALIFIED C.M.A)
(561 Points)
Replied 25 January 2020
Both tax and penalty will be reflected in your Cash Ledger in respective heads at G.S.T Site and you can also utilize them later.Hence it would be better to recognize them as an asset in your books (If it is reflected in your cash ledger) and write off against the liability when you utilize it.
CAclubindia
