GST not includible in recognised "revenue" under Ind AS reporting, explains PwC

PwC discusses some frequently asked questions on accounting impact of GST on companies reporting their financial statements under Ind AS; According to it, GST collected on behalf of a Govt. should be excluded from revenue recognized in terms of Ind AS 18, states, “The treatment of GST on sale of goods differs from that of excise duty, which is considered as a tax on manufacture / production and consequently treated as cost of goods manufactured.”; Where an entity is eligi...