what will second effect of gst paid on purchases In composition scheme
1) we can add in purchase
2)we can claim as indirect expenses
3)it will reflect in capital a.c. as it is duties taxes paid to govt
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second effect of gst paid in accounting
Replies (2)
you should mention it as direct or indirect expenses.
1. If you receive supplies for purchase related You ad it your purchase head.
If you receive supplies for expense related then you can add your expenditure account.
2. You follow Above said way.
3. No. It's not reflect in your (Capital account...?). And this purchase is not included any Taxes. So, It's not reflect your balance sheet. Just it shown in your PandL account....
If you receive supplies for expense related then you can add your expenditure account.
2. You follow Above said way.
3. No. It's not reflect in your (Capital account...?). And this purchase is not included any Taxes. So, It's not reflect your balance sheet. Just it shown in your PandL account....
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