CCI Online Learning
What do you want to learn today?
     
CIBIL

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Advance forfeited


purshottam ingle   16 September 2019

purshottam ingle

 1 likes  9 points

| My Other Post

Sir
pl advise on below:
Company has forfeited advance received from its client due to order cancelled by client. The same is being shown in P and L under the head of Income from other sources. GST is applicable on billing which will not be done in this case. pl correct me if wrong.

Ravi kumar   16 September 2019

Ravi kumar

 8 likes  178 points

View Profile | My Other Post

GST is applicable for the Advance forfeited amount of the client @ 18%. It doesn't matter whether you are billing or not.

avater

purshottam ingle   16 September 2019

purshottam ingle

 1 likes  9 points

View Profile | My Other Post

Sir
Company is not a service industry. pl reconfirm

avater

abhishek bardia (partner)     16 September 2019

abhishek bardia
partner 
 20 likes  308 points

View Profile | My Other Post

Yes GST will be applicable since it won't be considered as deposit because it has been forfeited for failure to comply with the obligation.

Ravi kumar   16 September 2019

Ravi kumar

 8 likes  178 points

View Profile | My Other Post

Sir Interest will also be applicable for delayed payment of GST @ 18%PA. So don't pay in cash, if you have balance in credit ledger, pay it. So you can avoid interest.


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  



Popular Discussion


view more »



Trending Tags
itc
shares stock
dgft
ca students
companies act 2013
career
gst
law
ca
traces
VAT
taxpayers
ca rankholder interview
Union Budget
coronavirus
llp
unified portal
gstr 9
eway bill
gst return
ca exams
esic