05 April 2018
Dear Sirs I want to know how we shall book audit fee provision entry & provision some other expenses (like freight/ cartage which services taken in March'18 but invoice will be received in April'18) in our books for f.y. 2017-18 on 31-03-2018, as audit fees bill received after audit from our CA who is registered and will charge GST in bill. Before GST we were book simple journal entry - Dr. Audit Fees & Cr. Audit Fees Payable and Freight exps DR. , Expenses payable CR. So Plz clear after GST what will be the entry in books on 31-3-18 for theses provisional expenses related to March but bills will be received in April -2018-19 from a registered Gst service provider.Thanks.
05 April 2018
Under GST the input tax credit can only be claimed after invoice for the expense has been received. Since the invoice will be received on a later date, the credit of the same also shall be available later itself. I am not an expert on accounting standards and hence can not comment on the provision entry in the books. However, if you wish to provision the complete outflow amount then you can create a 'Deferred GST Input' account and park the GST amount there. Later you can shift it to GST Input account after the invoice has been received.
05 April 2018
Yes...
You can book the provision entries if You will receive from registered dealer. If it's receivable from URD then You just book basic value...
06 April 2018
Dear Sir plz confirm after GST, provision of Expenses of Audit Fees for F.Y. 2017-18 is mandatory to book in accounts as on 31-03-18 because we shall avail this service in next F.Y. i.e. 18-19 and also bill will be received after audit. If it is compulsory so plz confirm can we book audit fees expenses without any GST effect or say book only the basic amount. If we book audit fees expenses in March'18 then we are facing one another problem, that is when we shall receive the invoice in next F.Y. then how we shall book the invoice in our accounting software (Tally ERP) because if we book the invoice in Journal mode then it will not be reflected in our GSTR2 and 3B report or if we book Purchase mode which is not possible because we need Expenses head again which we had already booked in March'18.Plz clear the issue with detail reply.Thanks.
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