25 September 2017
Our Accounting mathod is receipt/cash based
Revenue (Total Turover is >50L p.a.) ============================
Till 30th Jun we have raised our invoice to our customer with Service Tax @ 15%. Do we need to deposit service tax for all the inovices and file the ST return from Apr 17 to Mar 17 even if we have received the collection against these in coming months (Jul 17, Aug 17 & Sep 17)?
Ans :-
We have paid GST on 18-Aug-2017 of all invoices raised in the month of Jul 17 and GST paid on 18-Sep-2017 of all invoices raised in the month of Aug 17. Is this correct under cash based accounting even if we have not received payment of the entire invoice till date?
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If we need to pay GST on accrual basis then our do we account our revenue in our books of account (still on receipt/cash basis or accrual basis)? e.g. : Invoice Date is : 10-Jul-2017, GST Paid on 18-Aug-2017 and Payment received against this invoice is on 10-Sep-2017. On which date we need to book this invoice in our books of accounts ?
Ans :-
Expenditure =========
Note: all supply of services taken before invoice date.
Our GST register customers are raising invoice to us and we are getting auto updated GST entries on GST portal. Do we need to take input of all the eligible input credit entries in the same month or we should wait till the payment to supplier ? e.g. Supplier Invoice date is 15-Jul-2017 and he uploaded the invoice on GST portal on same date and the same invoice reflecting in our GSTR-2, but we have made the payment of this invoice on 25-Aug-2017. So Under cash based accounting, do we need to take input in the month of Jul 17 or in the month of Aug 17 ? if we need to take input in the month of Jul 17 then should we post the same in our books accounts in the month of Jul 17 (date of Invoice) or in the month of Aug 17 (date of Payment).
Ans :-
If supplier supplies the service in pre-GST period and raised the invoice in pre-GST period, we have made the payment in the month of Jul 17 and Aug 17 and same invoice falls under RCM. Then are we liable pay GST under RCM under cash based acccounting or we should leave this because this is pertains to pre-GST period?
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Suppose, There is a invoice dated pre-GST period (service taken pre-GST period) and we have made some payment against the invoice in pre-GST period but some balance paid in post-GST period. The same invoice not falling under Service Tax RCM (pre-GST) but falling under GST RCM towards > 5000 in a day (post-GST). Do we need to pay GST on balance amount which we have paid in post-GST period? If we need to pay GST on balance bill amount then how will we post this transaction in our books of accounts.
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If we should pay GST on outward supply of service on accrual basis then should we follow the same practice for inward supply of services under cash accounting or we should follow cash based method for inward supply of services.
25 September 2017
1. Yes. You can collect your outstanding amounts. No more restriction under GST. 2. Yes. It's exactly correct.... 3. 10-07-2017. Bcoz, Invoice date.
25 September 2017
Expenditure: * When you received the Goods with Invoice the date is applicable for the ITC. If it's same month take ITC on same month. If it's next month take ITC next month... It's best for the records * You can leave it Definitly and Account it in Invoice/Bill date. * No need. It's previous Tax regime's related activity. So, No need RCM under GST. You can follow as Cash based or invoice and Material received dates...
I am from a proprietorship Firm and we provide software development and support services. We have some customers outside India.
In pre-GST regime, we were raising invoices to our customers (outside India) without charging Service Tax we were not paying Service Tax for the same as these are Export Services are exempted.
We are getting payment in foreign currency.
In post-GST regime, Can we do the same practice or we need to charge GST on invoices or Pay GST under reverse charge for these invoices.
In GSTR-1 -> 6A - Exports Invoices
Invoice No. * : Invoice Date * : Port Code : Shipping Bill No. /Bill of Export No. : Shipping Bill Date/Bill of Export Date : Total Invoice Value * : Supply Type: Inter-State (Default)
GST Payment: Do we need to select without payment of Tax? • With Payment of Tax • Without Payment of Tax
“As per the IGST Act, export and import of goods and services are deemed to be a supply in the course of inter-state trade or commerce. Exports have been defined under “zero rated supply” meaning that tax rate on the export of goods and services will be zero. While one section is categorizing exports rate at zero, another section 3(5) states that transaction of export will be subjected to IGST, which is even zero rated supplies of services are subject to IGST”
As per the above paragraph, export of goods and services are “zero rated supply” then no GST should be levy on export of service which we are providing.
In layman language, please brief me about the following terms. • Letter of Undertaking • Bond These above mentioned documents are for refund of GST only.
We have issued export invoice on 28-Sep-2017 and we have not charges any GST on this invoice, and also we have not filled Letter of Undertaking/ Bond. If these are mandatory prior to export of services then what should I do now?
In GSTR-1 13 - Documents Issued
Receipt Voucher • Is this receipt voucher is for only of advance receipt? • Do we need to maintain receipt vouchers for our normal receipt against GST invoices? Payment Voucher • Is this payment voucher of advance payment made to vendor? • Do I need to maintain payment voucher for all the other normal payments? if that is case do we need to maintain separate payment voucher series for non-GST invoice payment and GST invoice payment? If we need not to maintain separate payment voucher series then how will we show payment it in GSTR1 for both GST and non-GST payment in single series?
Q: If any person filling his ITR under Section 44ADA and gross receipt not exceeding 50 lakhs in a financial year. He is claiming 50% as presumptive income and paying tax on it without maintaining his books of accounts. Now after GST, can he claim input of GST on expenses he incurred for business purpose and can file his return under Section 44ADA? Or he should not claim GST input credit because he is not maintaining his books of accounts?
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