On 25-01-20 transporter has given me a bill on account of freight as upon which no ITC was added. In our books of accounts we will debit freight charges and will credit to transport company. People say ITC @ 5% shall have to be paid in cash on account of the billed amount. What kind of entry shall be passed in our books of accounts on account of the paid ITC. Please guide me and oblige. The entry will be the part profit & loss account or will be the part of balance sheet. tks & rgds
07 February 2020
Goods Transport Agency “Goods Transport Agency” means any person who provides service in relation to transport of goods by road and issues consignment note,
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