09 January 2018
Sir, If an invoice for services has been booked in the month of April-2017 along with Service Tax @ 15% and later, as the service has been cancelled whether credit note has to be raised by reversing ST or GST (Say 18%)? If GST is to be reversed, then what is the treatment of the difference in the tax amount between GST & ST? Regards, Kiran
09 January 2018
Thank you sir, Can you please elaborate the meaning of Net amount, If it does not include ST then what is the Accounting treatment of ST amount and Can I have any source regarding this Please do the needful Regards, Kiran
10 January 2018
Net amount means amount of Fees without any taxes. First let me know the entry which was passed while booking the original expense with ST. Then I will be able to tell you about the entries to be passed.
11 January 2018
Sir, Here we are the service provider and at the time of booking invoice the entry is : Debtor A/c Dr. 1150 To Service A/c 1000 To ST 140 To SBC 5 To KKC 5 After that the service has not rendered and to cancel the invoice a credit note has to be raised, now what should be reversed in the credit invoice ST or GST ? and What should be the entry for that? If GST, then what is the treatment of difference amount' Please do the helpful Regards, Kiran.
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