I would like to know wheter GST is leviable on the the Rental deposit received from the tenant which was credited to Profit and loss account as it was not refunded at the time of vacating the tenancy by the tenant.
Please clarify with relevant provisions under GST.
And also requires tax treatment under IT Act, 1961.
The rental based advance amount is not applicable GST and also it's not credited to PandL account. It's shown in Balance Sheet under Loans and Advances head.
(It's not refunded at the time of vacating) You ll be transfer the advance amount to Rent received account at the time of vacating...
Dear Vaishnavi.,
The advance was not refunded it ll be credited to PandL account.....
How it's credited to PandL account?
Where is the advance firstly accounted and When/Which conditions it's move to Pandl a/c...? and
Why it's move to Pandl account...?
The law point want not only reason. That reason is also inbuilt reasonable...!!!
Dear Vaishnavi @ CA student.,
I'll come to your point without question and accounting procedure...
The advance is credited to PandL account then it's treat as expenditure it's called as rent or any.
If it's treated as rent also you are registered under GST then you ll be give receipt to the tenant/any....
Another way you are the tenant and you paid the advance and you can't received the advance also you treat as Rent Paid/any. Then the lanlord / any (You book the expense) is registered under GST they ll be give taxable receipt. If they are URD then you ll be tax under RCM for the Rent/any.......
@ NAGESWARAN SIR.,
I say thank you for the Certify.....
I reply to you as per my knowledge and also I'm not a fully knowledgeable person just reply for my knowledge....
Please follow the steps in Your TALLY Software...
1. Create Ledger : Transporting Charges - GTA.
* Under - Direct/Indirect expenses
* Is GST Applicable - Applicable
* Set Alter GST Details - Yes
* Nature of Transaction - Not applicable / anyone its related.
* Taxability - Taxable
*Is reverse Charge Applicable - yes
* Tax rate - Integrated @ 5% & Cess - 0.00. After finished it go to main vindow
* Type of Supply - Services....... Next Enter --> Enter...
Next You can create voucher as
Dr. Transportation - XXXXX
Cr. Shreeji Transports - XXXXX . It's enough for the entry. The tax value automatically shown in "Statutory reports"
If you have any doubt pls reply...
Also I'm wrong pls reply the same way....
(Next You can create voucher as
Dr. Transportation - XXXXX
Cr. Shreeji Transports - XXXXX . It's enough for the entry. The tax value automatically shown in "Statutory reports")
Sir.,
These steps only your entry at the time of service received. First few steps are How to Create ledger under GST related...
Please give the link here.....
CAclubindia
