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GST on Credit Balance Written Back

ITC / Input 5591 views 6 replies
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CA
27 Points Posted on 14 September 2018
whether any GST Liability on Credit Balance Written Back in books of account ?
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On 14 September 2018 at 15:46 Report
Replies (6)
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Student
3193 Points Posted on 14 September 2018
Which credit balance you are talking about?

No GST until and unless Supply of Goods or services and receiving the Supply of the goods or services
24 Reply
On 14 September 2018 at 16:23
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CA
27 Points Posted on 14 September 2018
under VAT, purchase material and claimed input.


There is no payment made to party and the same payable is written back.
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On 14 September 2018 at 16:28
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Student
3193 Points Posted on 14 September 2018
OK, you have reversed earlier due to non payment within 180 days now written back.
24 Reply
On 14 September 2018 at 16:37
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CA
27 Points Posted on 14 September 2018
no, just purchased material in 2015 and claimed in 2015. but payment made to party in cash. and party balance appearing in books since 2015. now credit balance appearing in books since 2015 now booked as income.
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On 14 September 2018 at 16:40
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Student
3193 Points Posted on 14 September 2018
No GST for accounting entries, it's implication on your IT return only as your forfeited income.

In GST regime if you don't make the payment you need to reverse input after 180 days.
24 Reply
On 14 September 2018 at 16:46
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GST Practitioner
55067 Points Posted on 14 September 2018
As per secton 7 CGST act its not cover u der supply so No gst attracts
301 Reply
On 14 September 2018 at 17:46


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