Income arises for diff in reimbursment expences
This query is : Resolved
30 July 2019
Dear Sir,
We are providing agency service to ships on the Port. We release Debit note for Vessel owner in USD for any cost incurred in the INR. For example, a bill of Rs 2500 was received from Vendor; we issued the debit note to the ship owner, USD 40 for the transportation fee. We book the reimbursement expenses in our accounts at USD@ 68. Differences of Rs 220 We have earned extra money. What is the treatment in accounts earned 220 Rs & GST is applicable earned Rs 220/-
We are providing agency service to ships on the Port. We release Debit note for Vessel owner in USD for any cost incurred in the INR. For example, a bill of Rs 2500 was received from Vendor; we issued the debit note to the ship owner, USD 40 for the transportation fee. We book the reimbursement expenses in our accounts at USD@ 68. Differences of Rs 220 We have earned extra money. What is the treatment in accounts earned 220 Rs & GST is applicable earned Rs 220/-
31 July 2019
GST applicable on full amount when margin is there in case of reimbursement bills.
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