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expenses provisional entry
sir. when we make expenses provisional entry at the closure of the year, do we have to make with gst or without gst. say for example telephone expenses for the month of march, bill date is 5 th of april as per their bill cycle period. kindly advice
Replies (6)
yes with GST you need to make. the bill generation date for March will be Apr, but the expenditure relates to March period.
Yes.... Prepare with GST for the Provision of telephone expense.
but such gst can not be claimed in the month of march gst return, right, because by 31 st march, we are not having the possession of the bill. am i correct?
yes... it's provisional entry only.
You will claim ITC at the time of receiving invoices.
You will claim ITC at the time of receiving invoices.
so, which means accounting would be done in the month of march, and reporting in gst returms would be done in the month of april , right ?
so, which means accounting would be done in the month of march, and reporting in gst returms would be done in the month of april , right ?
- Right. Accounting & Reporting (GST) as per invoice date if it's April.
- Right. Accounting & Reporting (GST) as per invoice date if it's April.
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