Reversal of st on raising credit note
This query is : Resolved
09 January 2018
Sir,
If an invoice for services has been booked in the month of April-2017 along with Service Tax @ 15% and later, as the service has been cancelled whether credit note has to be raised by reversing ST or GST (Say 18%)?
If GST is to be reversed, then what is the treatment of the difference in the tax amount between GST & ST?
Regards,
Kiran
If an invoice for services has been booked in the month of April-2017 along with Service Tax @ 15% and later, as the service has been cancelled whether credit note has to be raised by reversing ST or GST (Say 18%)?
If GST is to be reversed, then what is the treatment of the difference in the tax amount between GST & ST?
Regards,
Kiran
09 January 2018
Credit note will be issued for the net amount only and not for ST.
Message likes :
1 times
09 January 2018
Thank you sir,
Can you please elaborate the meaning of Net amount, If it does not include ST then what is the Accounting treatment of ST amount
and Can I have any source regarding this
Please do the needful
Regards,
Kiran
Can you please elaborate the meaning of Net amount, If it does not include ST then what is the Accounting treatment of ST amount
and Can I have any source regarding this
Please do the needful
Regards,
Kiran
10 January 2018
Net amount means amount of Fees without any taxes. First let me know the entry which was passed while booking the original expense with ST. Then I will be able to tell you about the entries to be passed.
Message likes :
1 times
11 January 2018
Sir,
Here we are the service provider and at the time of booking invoice the entry is :
Debtor A/c Dr. 1150
To Service A/c 1000
To ST 140
To SBC 5
To KKC 5
After that the service has not rendered and to cancel the invoice a credit note has to be raised, now what should be reversed in the credit invoice ST or GST ? and What should be the entry for that?
If GST, then what is the treatment of difference amount'
Please do the helpful
Regards,
Kiran.
Here we are the service provider and at the time of booking invoice the entry is :
Debtor A/c Dr. 1150
To Service A/c 1000
To ST 140
To SBC 5
To KKC 5
After that the service has not rendered and to cancel the invoice a credit note has to be raised, now what should be reversed in the credit invoice ST or GST ? and What should be the entry for that?
If GST, then what is the treatment of difference amount'
Please do the helpful
Regards,
Kiran.
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
- About TDS & Income Tax
- PPF interest-As Exempt Income disclosure
- Scrutiny and reopening of past returns
- Tax on Deemed Capital Gain
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- Type of Capital Gain
- Regarding ITR filing with more value than showing in AIS/TIS
- F & O PROFIT REPORTING FOR AY 2026-27
- Booth for sales promotion
- Difff in ais receipts and gst turnover
- ITR-3 File/Error Found
- Exiting partner in partnership firm in gst portal
- Taxability of credit in canara bank ET & T section (NRO)
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
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
