Question ID :
39290
PASSING OF GST PAID THROUGH PL A/C
SOME ACCOUNTANTS ARE PASSING GST & LATE FEE PAID THROUGH PL A/C .IS IT CORRECT PROCESS ?? PLEASE SHARE YOUR VIEWS.
Posted by
SUDIP KUMAR MUKHOPADHYAY
on
Jul 13, 2019
Filed Under
GST
Passing of GST through P& L is not correct process. It is balance sheet item only
Posted by
CA. BISHT RAKESH on
Jul 15, 2019
Answer ID :
79037
In pre-GST period to avoid litigations based on collection and payment of VAT, ST, passed collection and payment entries thorugh PL a/c. After GST, reporting requirements are increased, hence it is advisable that it is not shown in the PL a/c. As per accounting, need not to show in PL A/c.
Posted by
CA PRADEEP C B on
Jul 16, 2019
Answer ID :
79046
It is not correct method. It should be shown under current liabilities in balance sheet.
Posted by
CA. chunauti dholakia on
Jul 17, 2019