Cost of Goods Sold (Project Cost) GST Tax Code
let say we have project to supply computer room complete with computers to company A and charge a contracted amount of 300,000 (gst inclusive)
but in order to complete the contract we need to do renovations and also buy computers from suppliers B & C
so suppliers C charge us 106,000 (gst inclusive) for computers
is the entry for purchase invoice like this so we can claim input tax?
Dr. cost of goods sold/project cost 106,000 – TX-S
Cr. supplier B TX-S