GST Practical doubt ⁉️❓ T/O as per tax audit & as per GST Return
if an assessee purchases fixed asset & claim itc on it then in GST Return that amt will be reflected in purchases bt in books we will show it as asset instead of purch so how to reconcile it? I mean purch as per GST Return & as per books will different na so what to do?
4 Replies
zulfikar sipai
(157 Points)
Replied 15 August 2021
If you use software for accounting then gstr2 show as per you requirement
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 15 August 2021
You may show it as purchase and transfer to the asset account subsequently. Else you may prepare a reconciliation statement.
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 15 August 2021
Prepare a reconciliation statement
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