sir
plz tell me the journal entry if my telephone expense rs 100 and cgst and sgst rs 100 but bill comes in 5th april 2020....
so plz tell me what will be the provisional entry in march 2020?
sir plz reply
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Expense gst year ended provisional entry
Replies (15)
Quick Summary
Pass entry on 31st March
Telescope Expense A/c Dr
To Provision for Telescope Expense A/c Cr
(Provision for telescope Expense ).
Provision for Telescope Expense A/c under Provisions libility side Balance sheet .
Telescope Expense A/c Dr
To Provision for Telescope Expense A/c Cr
(Provision for telescope Expense ).
Provision for Telescope Expense A/c under Provisions libility side Balance sheet .
And when bill comes then i take entry
provision for telephone expense a/c dr
gst a/c dr
to bsnl a/c
am i right?
provision for telephone expense a/c dr
gst a/c dr
to bsnl a/c
am i right?
Yes ,you are correct , further when pay pass entry
BSNL A/c Dr
To Bank A/c Cr
( Bill for the month of March Paid)
BSNL A/c Dr
To Bank A/c Cr
( Bill for the month of March Paid)
You mean will i take gst input in next f.y. when bill will come?
Yes, Because as per section 16(2) of the CGST 2017 1) you must have valid Invoice for Input tax credit .2) supplier must pay tax to GOVT a/c collected from you .
That means no provisional entry in gst input in march 2020 only expense provisional entry in March 2020????? am i right?
Since Invoice is for the month of March unpaid provision is necessary .
You mean expense is for the month of march but gst input will be taken in next f.y. i.e. in april????
You can take input tax credit for provious year up.to the date of filing return for the month of September ,as per section 16 (4) of the CGST act 2017 .
If i take entry gst input dr in april then i take input gst credit in april... right?
For Input Tax credit you have to fulfill all conditions in section 16(2) of the CGST act 2017 ,also reflection in GSTR2A is for confirmation .
Can i take input gst of april in march?
You go through section 16 (2) of the CGST 2017 conditions for availing ITC .
Telephone exp a/c dr 100/-
To provision for expenses 100/-
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