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compensation cess treatment
compensation cess paid under gst law . whether we take credit of these cess or capitalise in assets account please suggest
Replies (3)
Generally debited to P&L acc....
you mean charge as an expense. ??
Depends upon the inward supply, whether consumed in manufacture or any capital asset.
For re-sellers, Input credit (ITC) can be levied on cess paid on inward supplies and it can only be used to pay the cess liability. For any excess cess, it can be debited as expense.
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