Dear Sir,

One supplier is Registered Under Composition Scheme as per GST portal but they give Tax Invoice to us with GST.

1. we pass entry with GST & Release Payment either book only Basic & release payment ?

Sir,

Supplier pass the entry in his books dt.31.10.2022 (Goods damage) and Clear the balance no document send to us and no show his GSTR-1 but as per our books Supplier balance cr. Rs. 7400/- as on 31.03.2023. so clear the Balance we need to pass the entry in our books also.
Query.
1. Can we need to reverse the ITC or reduces the Purchase Rs.7400/- If we need to reverse the ITC we unable to issue debit note entry in oct.22 because we already issue debit note to other supplier so debit note number change. so can we issue the debit note in March 2023 and adjusted the ITC reversal amount in May 2023,s return because i already filed the GSTR-3B march and april month.
Please advise Sir,

Hi,

I have received invoice from vendor in Mar-23 amounting to 53,100/-
Taxable : 45,000/-
IGST : 8,100/-
Total : 53,100/-

We have deducted the TDS @10% amounting to 4,500/-, and now TDS return also has been filed.
But we haven't initiated remaining payment after deduction of TDS.

For some issues in service we want to raise debit note for entire invoice, so what will be the effect of TDS in Debit note.

Should we revised the TDS return or collect TDS amount from vendor ?

Respected Sir,

If a person installed 2000 Liter RO Water plant at home and supply of ro water to village person so that supply attract to GST (GST applicable 18% or its exempted in GST) customers bring empty can,Drum,from home come to place of Ro Plant open the tap collect the water and come back to home. It's note a packing, sealed, water So GST applicable or note please suggest.

Dear Sir,

in the month of October 2022 Some goods break on the way. We have hold some payment and rest balance Clear to Supplier. supplier never demand to us send back break goods to me. we request to supplier send you account statement to match account balance. as per books of account of supplier our balance is NIL but as per our books of account supplier is balance Rs.10240 Cr. in October 2022 Supplier Cr.Rs.10240/- in his books of account mention narration adjustment of break Goods No document send to us. No show in his GSTR-1 .Can we issue debit note in March month Turnover is Rs.2 Crore book cover under audit 44AB.We not able to issue debit note to supplier in backdate ( Oct.22 ) 2023. so if we issue debit note in march 23 auditor will raise the issue because We already filed GSTR-3B march and ITC reversal not adjusted in march month .
What to do in case guide to me. 1st Case
(1) entry in 31 March 2023
Dr. XYZ Supplier Rs. 10240/-
Cr. IGST input Rs.1562/-
CR.Purchase account Rs.8678/-

Dr. IGST Input Rs.1562/-
Cr. ITC to be reversed Rs.1562 ( Current Liability ) Its not adjusted in march.

in May month reversed the ITC in while filling In 3B

2nd Case Carried forward Balance Rs.10240/- in FY 2023-24
entry in Mary month

Dr. XYZ Supplier Rs. 10240/-
Cr. IGST input Rs.1562/-
CR.Purchase account Rs.8678/


please sir suggest to me.

Dear Sir,

Please advise to me. if a person provide RO water to Community people where people bring Plastic Jar, bucket, empty bottle from home come to Ro Plant open the tap and filed the water as per their requirement and come back to home. so those supply attract GST 18% Or Exempted its not a packaged water.


6.2 Attention is drawn to the entry at S. No. 99 of notification No. 2/2017-Central Tax (Rate) dated 28.06.2017, by virtue of which water [other than aerated, mineral, purified, distilled, medicinal, ionic, battery, de-mineralized and water sold in sealed container] falling under HS code 2201 attracts NIL rate of GST.

6.3 Accordingly, supply of water, other than those excluded from S. No. 99 of notification No. 2/2017-Central Tax (Rate) dated 28.06.2017, would attract GST at “NIL” rate. Therefore, it is clarified that supply of drinking water for public purposes, if it is not supplied in a sealed container, is exempt from GST

Waters, including natural or artificial mineral waters and aerated waters, not containing added sugar or other sweetening matter or flavoured GST is 18%

Hello, I had an doubt regarding when the vendors quotation's are to be included in the pnl account. We are interior designers who also undertakes civil work and for the same we hire vendors ( labour basis) temporary to get the particular work done. Now we take advances from the client and aslo provide further advances to vendors to get the work done. Labours are direct expense for us. Many a times we receives the quotation before they starts with the work. So when should I add those expenses to COGs/ direct expenses?

Dear Sir/Madam,

Accounting entries when ROTDEP received and sale of RODTEP at discount price
thanks in advance

I PURCHASED 2 ASSET
1) ASSET 1 ( CHAIR ) FOR WHICH PAYMENT WAS MADE BY ME USING CREDIT CARD RS.13000/- PLUS INT RS.2000/- ASSET IS USED BY ME IN MY BUSINESS
2) ASSET 2 ( TABLE ) FOR WHICH PAYMENT IS MADE BY ME USING CREDIT CARD RS. 20000/- PLUS INT RS. 5000/- BUT THE ASSET IS USED BY SOMEONE ELSE
FOR BOTH THE ASSET I GOT REIMBURSEMENT FROM MY COMPANY RS.33000/-
WHAT WILL BE JOURNAL ENTRY FOR THIS IN MY BOOKS

Do we have to fair value the fixed deposits with banks as per Ind AS?