1) Form ITR-5 > Trading Account > Item No. 10 (Duties and taxes, paid or payable, in respect of goods and services purchased)
Which GST Value should I put here?
A) GST Paid amount against purchases where ITC is eligible.
B) GST Paid amount against purchases where ITC is not eligible.
C) Total GST Paid amount against purchase (Doesn't matter if ITC is eligible or not).
2) Where to put the Input GST Balance in the "Balance Sheet"?
3) Do I need to put the GST paid or received amount in the "Part A - P & L"?
4) What information do I need to put in Form ITR-5 > Part A - P & L > Item No. 44 (Rates and taxes, paid or payable to Government or any local body (excluding taxes on income))
1. (B) because eligible ITC is current asset for assessee.
2. under current assets as balances with revenue authorities.
3. I think it depends on accounting method following by you.
if you assume GST paid on purchases as expense and GST on sales as revenue then you can put.
if you assume GST paid as current asset and GST received as current liability then those will be gone to balance sheet.
CAclubindia
