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Jai Prakash Kothari

Latest Posts by Jai Prakash Kothari

Whether Excise Duty should be included in cost of finished goods for inventory valuation

May 5, 2020 24717 Views 0 comment Print

Whether Excise Duty should be included in cost of finished goods for inventory valuation We all know that GST has been rollout from 1st July 2017 and it has subsumed a number of indirect taxes including excise duty. This means excise duty, technically, does not exist in India except on a few items such as […]

Complexities in newly introduced TCS on sale of any goods

April 30, 2020 3435 Views 5 comments Print

A seller of goods is liable to collect TCS @ 0.1% on consideration received from a buyer in a previous year in excess of Rs. 50 lakhs. However, in non-PAN/ Aadhaar cases the rate shall be 1%.

Reconciliation of GSTR-3B with Books in Excel Format

April 27, 2018 108252 Views 14 comments Print

During the audit, we have to reconcile the statutory dues in books with return filed. In case of any discrepancy found will be reported to management and thereafter will be corrected. For Reconciliation of Output Tax, Input Tax and Payment of GST with books and return, I have prepared a simplified format. You can find out the differences by entering value from GSTR-3B return and books. Please find the enclosed herewith this sheet.

Excel format of Reconciliation For Matching ITC and Output Liability

December 17, 2017 91380 Views 20 comments Print

Reconciliation Statement for Matching Of Input Tax Credit And Output Liability Between Books And Return As we know that In GST Audit, Reconciliation Statement is required. Here, I am attaching one sample format of Reconciliation Statement for matching of ITC (As shown in Return-3B) and ITC (As shown in Books of Accounts). Please give your […]

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