Gst on amount written off
This query is : Resolved
08 August 2019
XYZ sold material to export customer (non-related party) in 2016 and also the export formalities like filing proof of export has been completed in 2016 only. XYZ not received 15% amount from customers against these materials. The customer is now bankrupt and will not pay this 15% amount. XYZ are in the process of making provisions for bad debts for amount not receivable. After taking approval from bank, they will write off this amount in books of accounts. 1) Whether GST will be applicable on provisions for bad debts for non-related party? 2) Whether GST will be applicable on write off of amounts not receivable from customers. 3) Is proportionate ITC is required to be reversed to the extent of amount not received?
CA R SEETHARAMAN
(Expert)
08 August 2019
1 Not applicable.
2 Export item GST applicable if no GST paid at the time of export.
3 No reversal if GST paid above.
2 Export item GST applicable if no GST paid at the time of export.
3 No reversal if GST paid above.
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
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- Capital gains in IT returns
- Form 144 TDS Return Validation Error – Mandatory Fields
- LLP audit and disclosure
- GST ITC as per notification 12/2023- central tax
- Urd purchase entry in tally prime
- Capital Gains Tax on Inherited Mutual Fund
- Advances to related party
- Form 144 TDS Return Validation error
- How do you manage client document collection and follow-ups in your CA/CS practice?
- Ito add credit side of bank
- Employee secondment
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
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
