Transfer of liability into misc. income
This query is : Resolved
24 April 2018
Dear Expert,
as per our corporate policy, any liability remains unclaimed for more than 3 years then same should be transferred into miscellaneous income, now the query is that whether this transfer will attract GST or not?
kindly reply/guide at earliest, please.
as per our corporate policy, any liability remains unclaimed for more than 3 years then same should be transferred into miscellaneous income, now the query is that whether this transfer will attract GST or not?
kindly reply/guide at earliest, please.
24 April 2018
As per my view.,
It's not a Supply. So, GST not applicable...
Wait on further replies from our Experts.
25 April 2018
Don't mention as miscellaneous income, You can use credit written off, if credit is already suffered tax no need to further tax.
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