how to written off gst credit balance in books of account as on 31.03.2018. as notification issued 20/2018 that all gst credit lapse after 31st july. so better excess gst balance in books of should be written off as on 31.03.2018.
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Excess gst written off
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In synthetics textile business excess credit balance of GST in books as on 31.03.2018 will not refund to manufacturer so they have to writeoff in their books . how to pass entry for writeoff this gst credit balance in books of account as on 31.03.2018. can we pass journal entry through p&l account then gst credit reverse in GSTR 3B RETURN. is this procedure is right for writtenoff of credit balance.
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