Treatment of pre-paid and outstanding expenses under gst
This query is : Resolved
13 June 2018
Dear Member,
Please suggest the treatment of Prepaid and outstanding expenses under GST.
Thank,
Antriksh Mishra
Please suggest the treatment of Prepaid and outstanding expenses under GST.
Thank,
Antriksh Mishra
13 June 2018
Prepaid : If we treat as advance then no need GST. GST applicable at the time of Supply with Invoice...
What is Outstanding Exp...?
What is Outstanding Exp...?
14 June 2018
GST is leviable on advances when paid against supply of service to be made. Hence advances paid for supply of services to be made and booked as prepaid expenses is liable to GST.
14 June 2018
Further in respect of outstanding expenses the taxable supply goods/services have already been received against invoices and outstanding for payment. This is also subject to GST.
14 June 2018
If Advance Paid then GST not levied for the "ADVANCE PAYMENTS". (GST APPLICABLE ONLY FOR ADVANCE RECEIPTS)
If paid outstanding amounts then not applicable for the outstandings..
If paid outstanding amounts then not applicable for the outstandings..
15 June 2018
Yes that is obvious ...
15 June 2018
Dear Members,
Thank you so much for all your valuable and prompt reply.
Regards,
Antriksh Mishra
Thank you so much for all your valuable and prompt reply.
Regards,
Antriksh Mishra
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- ITC temporary reversal and reclaim
- TDS U/S. 194NF
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Applicable TDS rate for sale of property in Nov 2024
- GST ON EXPORT COMMISSION
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
