Section 43b
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 October 2018
If assesee is following Exclusive method for sales & Puchases
Examples :
net sales is 10 (shown in sales), Rs 2 (GST on sales) shown in duties & Taxes
net Purcahse is 9 (shown in purachses, GST credit on it of Rs 1.5 shown in Duties & Taxes
so net payable is 0.5 not paid till Tax Audit date
will Rs 0.5 disallow U/s 43B ??
Examples :
net sales is 10 (shown in sales), Rs 2 (GST on sales) shown in duties & Taxes
net Purcahse is 9 (shown in purachses, GST credit on it of Rs 1.5 shown in Duties & Taxes
so net payable is 0.5 not paid till Tax Audit date
will Rs 0.5 disallow U/s 43B ??
27 October 2018
No, because tax is not passed through P&l a/c.
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 October 2018
in above case if asseessee follows inclusive method ie
10(sales)+ 2 (GST) = 12 in Sales
9(Purchases) + 1.5 (GST) = 11.5 in purchases
0.5 is tax Liabililty of which 0.2 has been paid, entries passed are
Case 1
GST Paid Dr 0.5
To Bank 0.2
to GST Payable 0.3
Case 2 :
GST Paid dr 0.2
To Bank 0.2
In both of the above cases
In which case GST payable of 0.3 will be disallow ??? 0.3 is not paid till audit
10(sales)+ 2 (GST) = 12 in Sales
9(Purchases) + 1.5 (GST) = 11.5 in purchases
0.5 is tax Liabililty of which 0.2 has been paid, entries passed are
Case 1
GST Paid Dr 0.5
To Bank 0.2
to GST Payable 0.3
Case 2 :
GST Paid dr 0.2
To Bank 0.2
In both of the above cases
In which case GST payable of 0.3 will be disallow ??? 0.3 is not paid till audit
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