DEBIT BALANCE SUNDRY CREDITORS

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This query is : Resolved

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This discussion addresses how to handle a debit balance in sundry creditors due to missed invoices from the previous accounting year. The advice given is to show the debit balance in the ledger and correct it in the current month. It also clarifies that previous year's invoices (May-Nov 2019) can be declared in GST returns, either in the September return or the annual return. The user is also advised that filing an annual return is possible even if the turnover doesn't exceed 2 crores, and that there are no issues with filing it, even if previous years were unfiled due to the turnover limit.

raghavendra b

raghavendra b (Querist)

31 October 2020 DEAR SIR,

SOME INVOICES ARE MISSED FOR PREVIOUS YEAR ACCOUNTING. NOW MY QUERY IS OUR SUNDRY CREDITORS BALANCE IS SHOWING DEBIT BALANCE I HAVE CARRY FORWARD THE BALANCE FOR CURRENT YEAR PAYMENTS ARE MADE FOR THOSE INVOICES. CAN I SHOW DEBIT BALANCE IN THE LEDGER. IS THERE IS ANY PROBLEM PLEASE NOTE THAT ALL THOSE INVOICES ARE EXEMPTED GOODS CAN WE TAKE TO ACCOUNT FOR THIS MONTH OF OCTOBER 2020.

REGARDS

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

31 October 2020 Yes, show debit balance in ledger and correct it in the current month no problem.

raghavendra b

raghavendra b (Querist)

31 October 2020 THANK YOU SIR,

CAN WE TAKE PREVIOUS YEAR INVOICES MEANS MAY 2019 TO NOV 2019 INVOICES TO DECLARE IN THE GST RETURNS PLEASE SUGGEST ME,

REGARDS

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

31 October 2020 Yes you can take it in September return or in the annual return.

raghavendra b

raghavendra b (Querist)

31 October 2020 THANK YOU SIR,

BUT THE TURNOVER OF THE ENTIRE YEAR NOT EXCEEDING 2 CRORES STILL WE CAN FILE ANNUAL RETURN OR IF NOT FILED WHAT IS THE PROBLEM

PLEASE SUGGEST ME SIR,

REGARDS

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

31 October 2020 File annual return. Only GST audit not required.

raghavendra b

raghavendra b (Querist)

01 November 2020 dear sir,

it is compulsory to file annual return because threshold limit not exceeded but still we should file annual return is there any problem

thank you and regards

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

01 November 2020 No problem you can file it.

raghavendra b

raghavendra b (Querist)

01 November 2020 thank you sir,

but I left unfiled from 2017- 18, and 2018-19 because the limit does not exceeded so I am asking about
that unfiled annual returns deemed to be filed in future any notice will serve.

please guide me and the solutions

regards

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

01 November 2020 No notice will be received in such a case. Voluntary filing will be accepted.

raghavendra b

raghavendra b (Querist)

01 November 2020 THANK YOU SIR,

YOUR REPLIES AND PATIENCE VERY MUCH ACKOWLEDGED

REGARDS

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

01 November 2020 You are welcome.......

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