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refundable of tax increase or decrease in profit
if a company has gst amount refundable from govt, then whether it will increase or decrease the profit and how we have to settle this entry.
Replies (2)
No impact... Earlier u deposited excess amount towards gst and now get refunded... Gst is indirect tax and not urs liability... U just collect from the customer and deposit it to government
Pass entry through gst payable account... Earlier u do a entry gst payable a/c dr to bank A/c.... Now pass Bank A/c dr to gst payable account.... Gst payable account set off
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