Cash Basis Accounting in GST
This query is : Resolved
AJAY GUPTA
(Querist)
06 July 2017
We are a professional firm with turnover below 50 lac. Earlier we use to do accounting on cash basis and deposit service tax on receipt of payment. My question is can we follow the same practise now in GST and how can we pay service tax if we receive old dues in future on which we collect service tax.
CA R SEETHARAMAN
(Expert)
06 July 2017
You can't follow the same practice now in GST. If you receive old dues in future, on which you collect GST and pay.
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