Liability book as Income
This query is : Resolved
29 September 2023
Dear sir,
We have Found that few Liabilities are from very long time in our books, So management decide to book as other Income (Written off). I have few doubt as per below.
1. Does GST will attract while booking this types of transaction ?
2. If GST Is applicable, which GST No. we have to mention in Invoice because liabilities are different from different supplier.
3. If any other thing also attract, please tell.
We have Found that few Liabilities are from very long time in our books, So management decide to book as other Income (Written off). I have few doubt as per below.
1. Does GST will attract while booking this types of transaction ?
2. If GST Is applicable, which GST No. we have to mention in Invoice because liabilities are different from different supplier.
3. If any other thing also attract, please tell.
CA R SEETHARAMAN
(Expert)
29 September 2023
1 GST will not be attracted.
3 Income tax payable considering it as income.
3 Income tax payable considering it as income.
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