in the FY 2016-17 we passed an entry about provision for audit fee ie.
audit fee a/c dr. 11800 (incl. gst)
to audit fee payable 11800
what will be the reverse entry should I pass ?
and what will be the entry, if itc availed on audit fee?
There was no GST applicable in FY 2016-17. Therefore the entry will be :
Audit Fees Payable A/c 11800
To Audit Fees A/c 11800
Further to this you can claim ITC only on actual invoice not on provisions.
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