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Gst amount reverse in the next year
I have done gst reversal for the fy 2022-23 in the fy 2023-24 in the month of 3b jan-24.Is the reversal amount of gst is treated as expense or transferred to capital account in fy 2023-24
Replies (4)
Reversal of GST by GST 3B neither treat expenses nor treat as drawing in capital account
GST AMOUNT REVERSE IN NEXT YEAR , HOW
It's treated under Expenditure account.
Not capital account...
Not capital account...
If the reversal is related to capital goods credit, you can capitalize to the relevant asset.
In all other cases, it should be charged off to P/L A/c
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