Aparna (accountant) (189 Points)
09 May 2018Hello Sir,
i have sales matirial register party from gujarat to silvasa. but party can not given paymnet and matirial also.( Party was done frude he take matirial & go way)
if i dont want to paid tax than what can i do ?
how i will take entry in tally
Please Replay ASAP
CA Sunil
(Internal Auditor)
(204 Points)
Replied 09 May 2018
Hi Aparna,
Not able to understand your query, kindly write question in Hindi / Your Mother Tongue and google translate into English, so that we can understand your question.
Aparna
(accountant)
(189 Points)
Replied 09 May 2018
Hello sir
please note that we have make b2b inter state sales (through e way bill) in month of april 2018. Now the issue is that purchase party will not make any payment toward sales and will not return goodback to us.
1. what will be the effect of such sales in GST regime if i not paid tax for partular sales invoice ?
2. how to give the effect in books of account for above transation ?
Please replay asap
CA Sunil
(Internal Auditor)
(204 Points)
Replied 10 May 2018
thanks Aparna for making the query crisp..
I hope the GST was charged in invoice and paid to Govt in May 2018.
Now how to claim the back the GST paid for bad debts (sales turned into bad debt)?
Very simple, raise Credit note and ask your customer to accept it, this will automatically reflect as additional GST paid in portal which you can used for adjustment in subsequent cycle for GST Payment
Accounting Entry
1.very simple it is sales return in nature
Sales A/c Dr. XXXX
IGST A/C A/c Dr XXX
To Vendor A/c XXXX
I hope this answers your query.
Cheers
Aparna
(accountant)
(189 Points)
Replied 10 May 2018
Thanks for the replay
But still query not solve
please note that we have not paid tax as due date of GSTR-3B for april 2018 is 20th May.
future, Purchase Party is fraud. he is not going to give back goods or any futur communication will not be possible with the party.thus question of credit not and Invoice Cancelled does not arise because we don't have good in our possession.
So that why we don't want to pay Tax . Please give solution for that .
CA Sunil
(Internal Auditor)
(204 Points)
Replied 11 May 2018
Got it..
Assuming Invoice was raised and accounting entry passed into Books of Accounts
In this case, where the tax liability has arisen despite non-payment of invoice, a credit note is the only legal way to annul such superfluous tax burden on the trader.
Any way after 6 months whether such person accept or doesnot accept the credit note, he cannot claim ITC.
Invoice not raised and no accounting entry passed into Books of Accounts
Charge cost of production to P&L a/c. No need to raise invoice, however ITC to the extact equivalent to wastage (goods lost to fraudulent person) needs to be reversed.
Regards
S Kumar
CAclubindia
