I have checked the companies act 2013 schedule III it shows General Instructions of Profit and Loss as under:
2. (A) In respect of a company other than a finance company revenue from operations
shall disclose separately in the notes revenue from—
(a) Sale of products;
(b) Sale of services;
(c) Other operating revenues;
Less:
(d) Excise duty.
As now GST is introduced and input tax credit in gst is in built for above point where to show input tax credit or we have to show actual gst paid?
As per me in format statement of profit and loss under Expenses shows as:
Expenses:
Cost of materials consumed
Purchases of Stock-in-Trade
Changes in inventories of finished goods work-in-progress and Stock-in-Trade
Employee benefits expense Finance costs
Depreciation and amortization expense
other expenses
Total expenses
Sub heading Employee benefit s expense finance cost is shown in one column, however in General instruction it shows Different instruction for Finance in instruction no.3 and for employee benefit in instruction no.5, so we have to show different figure under Employee benefits finance cost? or total of both?
CAclubindia
