Stock in Composition

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89 Points Posted on 31 August 2020
R sir please tell me that which purchasing amount to be consider in drafting the trading account of a composition dealer Which amount to be considered
purchase amount with GST or
purchase amount without GST
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On 31 August 2020 at 00:03 Report
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This discussion addresses a key question for composition dealers: which purchase amount should be used when preparing a trading account? Specifically, it explores whether to include GST or use the purchase amount excluding GST. The conversation also touches upon the possibility of treating GST as a direct expense by creating a separate ledger for non-input-taxable GST.

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Tax and Business Consultant
11616 Points Posted on 31 August 2020
Purchase Amount with GST
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On 31 August 2020 at 00:12
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accountant
93 Points Posted on 31 August 2020
Sir cant we show GST EXPENSES UNDER DIRECT EXPENSES by forming a ledger of Gst Not Eligible for input, so purchase amt and gst amount will look seprete is it possible sir
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On 31 August 2020 at 09:06

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