Treatment of pre-paid and outstanding expenses under gst
This query is : Resolved
13 June 2018
Dear Member,
Please suggest the treatment of Prepaid and outstanding expenses under GST.
Thank,
Antriksh Mishra
Please suggest the treatment of Prepaid and outstanding expenses under GST.
Thank,
Antriksh Mishra
13 June 2018
Prepaid : If we treat as advance then no need GST. GST applicable at the time of Supply with Invoice...
What is Outstanding Exp...?
What is Outstanding Exp...?
14 June 2018
GST is leviable on advances when paid against supply of service to be made. Hence advances paid for supply of services to be made and booked as prepaid expenses is liable to GST.
14 June 2018
Further in respect of outstanding expenses the taxable supply goods/services have already been received against invoices and outstanding for payment. This is also subject to GST.
14 June 2018
If Advance Paid then GST not levied for the "ADVANCE PAYMENTS". (GST APPLICABLE ONLY FOR ADVANCE RECEIPTS)
If paid outstanding amounts then not applicable for the outstandings..
If paid outstanding amounts then not applicable for the outstandings..
15 June 2018
Yes that is obvious ...
15 June 2018
Dear Members,
Thank you so much for all your valuable and prompt reply.
Regards,
Antriksh Mishra
Thank you so much for all your valuable and prompt reply.
Regards,
Antriksh Mishra
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