Profit & Loss

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Income
Sales (Taxable)1440.00
Less: Sales Return (Taxable)-0.00
Net Sales1440.00
Cost of Goods Sold
COGS (Sales)100.00
Less: COGS reversal (Returns)-0.00
Net COGS100.00
Gross Profit1340.00
Expenses (basic)
Non-taxable charges from Purchases (you can extend to add more expenses heads later).
Freight (Non-taxable)0.00
Other Charges (Non-taxable)0.00
Total Expenses0.00
Net Profit1340.00
Tax Note
P&L is computed using taxable totals (net of GST). GST itself is not treated as income/expense here. For GST payable and ITC, use GST Summary report.