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GST amount show in P & L A/c?

472 views 5 replies

tds files

179 Points Joined August 2018

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

Replies (5)

RAJA P M

"Do the Right Thing...!!!"

128116 Points Joined January 2015

Are You a regular dealer or Composition dealer...?

subhagan sreerangam

7059 Points Joined January 2017

Please give the details you a Regular or Composition dealer
.

tds files

179 Points Joined August 2018

client is regular dealer and tax audit applicable

RAJA P M

"Do the Right Thing...!!!"

128116 Points Joined January 2015

@ tds files.,

If dealer is a regular dealer and his ITR filing with books of accounts then it's not under PandL account...

If gst paid then it's tallied without balance.

In case it's payable in end of the FY then it will be shown under current liability as duties and taxes...