When person opt for composition scheme purchase from normal registared taxpayers.
How the composition scheme taxpayer record the entry?
What treatment he passed for the tax paid by him on their purchase?
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What will the treatment of?
Replies (1)
As you are composite dealer you can't take input tax credit on GST paid on input. Hence you have to add the GST paid on inputs to cost of goods, there fore the entry will be
Purchase ac Dr
To Creditor/cash/bank ac
Here purchases include GST paid along with purchases
Purchase ac Dr
To Creditor/cash/bank ac
Here purchases include GST paid along with purchases
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