GST paid include in P & L a/c

This query is : Resolved

tds files (Querist)
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29 October 2019 Sale Rs.1.2 crore, GST 21.60lakhs

Purchases 80 Lakhs, GST 14.40 Lakhs

GST Paid Rs.7.20 Lakhs (21.60-14.40)

My query is that 7.20 Lakh can i show in profit and loss A/C or Show in Current liability

(That GST Paid in 12 months from April to march)

April to Feb-- 6.80 Lakhs

March --- 0.40 Lakhs

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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29 October 2019 Keep GST account separate liability account not passed through p and l.
Credit GST collected 21.60 lacs under liailIty adjust ITC on purchase 14.40 lacs balance 7.20 lacs remit it from liability.

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