gst in P&L..
Shriti Goyal (625 Points)
13 May 2019
can gst be included in profit and loss statement?
4 Replies
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 14 May 2019
You can claim gst paid in p&l as same is an indirect tax.....
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 14 May 2019
If You are under composition scheme then You can book the GST Tax payment in expenditure account...
If Regular dealer then it's not account in PandL account. It is under "DUTIES & TAXES" head as Current Liability / Asset.
If Regular dealer then it's not account in PandL account. It is under "DUTIES & TAXES" head as Current Liability / Asset.
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 14 May 2019
But if the gst is included in sales & purchase , then gst paid is to be accounted for in p&l.
Otherwise show it in duties and taxes account.
Truly Krazy
(9 Points)
Replied 18 September 2023
how to justify it in case of scrutiny. my client is under regular and has debited the paid gst from profit and loss
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