banner_ad

GST on Credit Balance Written Back

ITC / Input 5612 views 6 replies
User Avatar

CA
27 Points Posted on 14 September 2018
whether any GST Liability on Credit Balance Written Back in books of account ?
0 Reply Share Follow
On 14 September 2018 at 15:46 Report
Replies (6)
User Avatar

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
Reply
On 14 September 2018 at 16:23
User Avatar

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.
Reply
On 14 September 2018 at 16:28
User Avatar

Student
3193 Points Posted on 14 September 2018
OK, you have reversed earlier due to non payment within 180 days now written back.
Reply
On 14 September 2018 at 16:37
User Avatar

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.
Reply
On 14 September 2018 at 16:40
User Avatar

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.
Reply
On 14 September 2018 at 16:46
User Avatar

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
2 Reply
On 14 September 2018 at 17:46


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topic

More recent discussions | Post

Related Topics
Loading

Latest Job Openings

View all
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
19 May 2026
Fundraising Expert

MentorsWorld Ventures Private Limited

Ahmedabad

Others

View Details
Company
09 June 2026
Accounts Associate

S Madan and CO

New Delhi

Graduate (Any)

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
Featured 26 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
01 June 2026
Audit, Taxation & Compliance Executive

R P S K & Associates

Nashik

CA Inter

View Details
Company
ARTICLESHIP 31 May 2026
Article Assistant

KPRS And Associates

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 23 May 2026
Article Assistants

Acupro Consulting

Gurgaon

CA Inter

View Details