01 June 2018
Sir, I'm not collecting Gst from customers and paid GST out of my pocket, can it be treated as expense, Whether disallowance applicable for such expense?
01 June 2018
What You mean "Not Collecting GST from Customers"...? then
How To you billing to Your customers...?
Are You regular dealer or composition dealer...?
01 June 2018
As per Invoice rules under CGST, a taxable person has to issue invoice with showing applicable GST separately. If you are not showing it, it is an offence. It looks that your arrangement with your principal is to pay you fixed % including GST. You need to reverse calculate GST and show the same in invoice. e.g. invoice is for Rs. 118 and GST rate is 18% GST would be (118/(100+18)) * 18 = 18.
So far GST in P&L account is concerned, as per Accounting Standard, Revenue is to be shown including all taxes levied/leviable thereon. The GST paid by you can be deducted from such revenue on the face of profit and loss account or mentioned in debit side
CAclubindia
