Hello Friends, I dont know weather i have to submit this query in TDS or GST forum. my query is one of the Debtors instead of making a payment of GST they have adjusted the amount in TDS, so in this case what entry on e has to be passed and what entry will be passed in case of advance received.
Menu
TDS Adjustment Against GST
Replies (1)
When a debtor adjusts the amount of GST payable by offsetting it against TDS (Tax Deducted at Source), it affects the accounting entries for both GST and TDS. Let's examine the entries that need to be passed in such cases:
- Adjusting GST against TDS:
In this scenario, where the debtor adjusts the GST liability by offsetting it against TDS, the following entries need to be passed:
a) For GST Adjustment:
- Debit: TDS Receivable (Asset Account)
- Credit: GST Payable (Liability Account)
b) For TDS Adjustment:
- Debit: TDS Payable (Liability Account)
- Credit: Accounts Receivable (Debtors Account)
These entries reflect the adjustment made by reducing the GST payable amount and increasing the TDS receivable amount.
To read more finance related content visit Swipe blogs
Recent Topics :
- Taxation of Gift - Father to Daughter
- TDS on Property Purchased above 50lakh
- Accounting Treatment in Tally for Restaurant Sales
- Form 146 required
- Rule 86(B) Applicability
- ROC FILINGS FY2025-26
- Mismatch in 26AS
- How Can a Trader Utilise Approximately ₹1.20
- How Can Law Students Present Papers at Conferences
- On which amount 200% penalty under section 270A is
Related Topics :
CAclubindia
