We(West Bengal) make a payment @ 92800/- to a party, who is a interstate supplier (Karnataka). After a long try,the party can not provide The Tax Invoice as well as they can't file their GSTR-1 for the particular period(F.Y 2020-21).Now the year is end and we are going to finalise our balance sheet and we assume that we will never get back the particular invoice which we pay(92800/-) from that party.
so, the question is, what is the entry in Tally/Books against this case?
as well as I request to all of you to please clarify this with The GST /Income Tax law. (Mention the section & rule also)
thanking you....
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Tally/Books adjustment
Replies (6)
Quick Summary
1. Dr expense, Cr vendor
2. expense head where tds is not applicable like printing stationery or office expense
3. nothing to be done under GST
2. expense head where tds is not applicable like printing stationery or office expense
3. nothing to be done under GST
Show it as advance against party if goods and services not received.
If goods and services received then enter the expense entry.
In GST ITC will not be available because invoice not in possession
If goods and services received then enter the expense entry.
In GST ITC will not be available because invoice not in possession
If tax invoice is not generated, then input tax credit under GST cannot be availed.
Also no expense can be booked till the invoice is received. In case you expect the vendor to issue invoice during FY21-22, you may create a provisional entry (provided you have received the material) and account the actual expense as and when you may receive the invoice.
If not, then show it as advance in the name of vendor (as already suggested Altamush).
Why not I show this as a without GST Expenses? can you clarify this?
Because you said you do not have tax invoice. If you can get an invoice (bill of supply) from the vendor, you may account it as an expense too. But you lose ITC benefits.
Ok I understand thanks to all of you
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