Journal Entry for Sales
This query is : Resolved
20 November 2023
Sir/Madam
I have one query regarding accounting entry of Sales Bill and Purchase Book. Company maintains books of account in multiple currency i.e INR, USD, Euro etc.
Company charged IGST tax on Sales to Foreign Customer and this IGST not to be paid by Customer because company has to pay IGST Tax. Company passes Journal entry for removing/adjust Forex gain or loss by debiting in INR currency and crediting Foreign Currency!!!
My question is that can it is correct accounting entry debiting in INR and Crediting in Foreign currency?? After passing above entry Forex gain or loss adjusted in Customer Account. thanks
Sir, Please let me clarify about tax refund release in our bank account if adhar card and pan card not linked ?? Tax Return is filed within due date and ITR V was sent at Bangalore office. Return is assessed and tax refund due to assessee. thanks in advance
I have one query regarding accounting entry of Sales Bill and Purchase Book. Company maintains books of account in multiple currency i.e INR, USD, Euro etc.
Company charged IGST tax on Sales to Foreign Customer and this IGST not to be paid by Customer because company has to pay IGST Tax. Company passes Journal entry for removing/adjust Forex gain or loss by debiting in INR currency and crediting Foreign Currency!!!
My question is that can it is correct accounting entry debiting in INR and Crediting in Foreign currency?? After passing above entry Forex gain or loss adjusted in Customer Account. thanks
Sir, Please let me clarify about tax refund release in our bank account if adhar card and pan card not linked ?? Tax Return is filed within due date and ITR V was sent at Bangalore office. Return is assessed and tax refund due to assessee. thanks in advance
19 January 2024
Export of goods and services are zero rated under GST. Exporters can claim refund of input tax credit (ITC) of inputs/input services used in export of goods/services, subject to fulfilment of prescribed conditions.
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