Whether GST is applicable on provision for "income"
This query is : Resolved
09 May 2024
Dear Sir/Madam,
During the year end (March 2024), we made some provisional entries for income (which we are sure to get in April 2024).
Whether we need to account for GST in the month of provisional entry (March 2024). In other words, please guide whether GST will be applicable for the provisional income booked by us in March 2024.
We have already booked the income + GST in April 2024, on the basis of actual information.
During the year end (March 2024), we made some provisional entries for income (which we are sure to get in April 2024).
Whether we need to account for GST in the month of provisional entry (March 2024). In other words, please guide whether GST will be applicable for the provisional income booked by us in March 2024.
We have already booked the income + GST in April 2024, on the basis of actual information.
09 May 2024
a simple question for you. The basic accounting rule is to account for all expenses and ignore unrealised profits.
What you are doing simply violates this rule itself.
So forget the GST. do proper accounting. Do not provide for unrealised gains!
What you are doing simply violates this rule itself.
So forget the GST. do proper accounting. Do not provide for unrealised gains!
16 May 2024
But sir, this income we are sure to get. Even the income tax department also insists that we should be this income in the correct year. That is why we have booked it on provisional basis. Thanks.
16 May 2024
then should you not also raise the invoice in March? if not, then it would not be correct accounting treatment.
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
- Refund Annexure-B
- Liable to deduct tds and 44ADA
- Sale of Equity shares for Purchase of Residential Property
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- ECO SUPPLY REPORTIONG IN GSTR-1
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- CCFS 2026 Schemed
- Subscription paid to foreign customer
- Two seprate Invoice needed
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
