Transitional credit to be written off

a) XYZ Pvt. Ltd.  have unutilised balance in Excise PLA A/c from F Y 2014-15 onwards under Education Cess and SHEC. Post GST XYZ also applied for refund through ACES portal, but did not receive the refund. Whether this amount is required to be written off in the books of accounts? The statutory auditors want confirmation on the same. b) XYZ paid service tax under RCM as per Excise Audit of Apr-16 to June-17 with interest & penalty. This amount could not be claimed post GST introduction. Whether this amount to be written off in books of accounts or to keep under receivables? The statutory auditors want confirmation on the same. Please guide.

Replies (2)
Quick Summary
XYZ Pvt. Ltd. is seeking guidance on how to account for unutilised excise PLA balances from FY 2014-15 and service tax paid under RCM with interest and penalty from April 2016 to June 2017. Despite applying for a refund of the PLA balance, it was not received. The company needs to determine if these amounts should be written off in their accounts or treated as receivables, as their statutory auditors require confirmation.

Please take opinion from Internal Auditor.

Regards
CA. Raj Doshi
R C D & Co.
Chartered Accountants
E : raj @ rcdco.in
Refer this transitional provisions
https://cleartax.in/s/transition-to-gst

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
19 October 2026
Accountants/Articles (Freshers/Experienced)

ADY & CO.

New Delhi

Graduate (Any)

View Details
Company
30 October 2026
Asst Manager Accounts

Goodwin Pumps India Pvt Ltd

Chengalpattu

CA Inter

View Details
Company
23 October 2026
Sr. Accountant

SANKARAN & KRISHNAN

New Delhi

B.Com

View Details
Company
ARTICLESHIP 28 October 2026
Article assistants

Shyam S Gupta and Company

New Delhi

CA Inter

View Details
Company
Featured 27 October 2026
semi-qualified CA

Saini Pati Shah & Co LLP, Chartered Accountants

Mumbai

CA Final

View Details
Company
16 October 2026
CA article trainee

Zerdi & Co. Chartered Accountants

Pune

CA Inter

View Details
Company
14 October 2026
GST & TDS ASSISTANT

AGGARWAL SANJAY & ASSOCIATES

New Delhi

B.Com

View Details
Company
24 October 2026
CA Industrial Trainee

Fytomax Nutrition Private Limited

Aurangabad

CA Inter

View Details