⁉️❓❗Query regarding ⌨️💻A/cing entry :-- Client has paid subscriptttion fees to tally & entered it as purchase invoice bcoz IGST is paid @ 18% bt it should be classified as repairs & maint exp right..? so how to do A/cing & how to use that IGST credit ...? pls guide
Menu
A/cing entry & GST Credit
Replies (3)
Even this is a purchase of subscripttion service right? Same way, repairs & maintenance too is a purchase of service.
If you meant that the voucher type is purchase (instead of journal), this should not be a problem provided the expense is debited to the right account head say computer maintenance in this case.
Input tax credit on the same can be availed as usual.
Pass another entry as:-
Repair and Maintainance Expense A/c Dr
Puchase A/c Cr. (under stock Head which was entered in first entry)
Value for this Entry shall be the amount before GST
ITC on IGST shall be utilised in same manner
Subscripttion fees a/c dr
to Bank a/c
Subscripttion fees a/c dr
to Bank a/c
Recent Topic
- Reporting STCG on non equity oriented MF
- Section 54F exemption for buying a plot
- My client missed to file ITR 3 for AY 25-26
- Subscription/Membership fees
- Inverted tax gst refund
- Mismatch of pincode and district while registering
- Total income less than 12 lakhs but after processi
- Is Getsvision Solutions right for SMTP bulk email
- Queries on Stock/ETF gifting.
- Adding bank account for the deceased for ITR refun
Related Topics
CAclubindia
