Accounting in GST for receipts
This query is : Resolved
14 September 2020
Dear Experts,
Ours is a limited company.
Few clients paid advance in the years 2017/2018 but have not paid balance amount nor are responding to our calls to pay the balance amount and take the goods. No GST was paid for these advance receipts earlier.
So, we are converting these advance receipts to cancellation charges (indirect income).
How do we show it in accounting in GST?
Is GST to be paid for such amounts?
Please clarify.
Ours is a limited company.
Few clients paid advance in the years 2017/2018 but have not paid balance amount nor are responding to our calls to pay the balance amount and take the goods. No GST was paid for these advance receipts earlier.
So, we are converting these advance receipts to cancellation charges (indirect income).
How do we show it in accounting in GST?
Is GST to be paid for such amounts?
Please clarify.
15 September 2020
In my opinion, GST is not required to be paid as there is no supply has taken place in this case. In accounting these are credit balances written back. IN GST return you can show it under non-gst supply as that headings include the cases of no supply.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Unregistered suppliers utility
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Difference between Date of Payment and Date of Deduction?
- TDS AND ITR ISSUE
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- TODAY INCOME TAX SITE IS NOT WORKING ANY OFFICIAL EXTENSION
- Cash balance limit and property purchases limit
- Can we choose not to report losses in ITR3 if they cannot be carried forward?
- The TDS balance for March 26 shows a mismatch between the books and the portal; what should be done
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
