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BALANCE SHEET

Mondira Saha (GST) (3925 Points)

07 May 2018

what about the gst dispute in FY 17-18 ... what about our balance sheet ... how to show these gst dispute in balance sheet ...
we need 3b revise option or a option to open march 3b again to sett off our all 17-18 disputes ...

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3 Replies

CA Shivam Arora (Chartered Accountant) (2414 Points)
Replied 07 May 2018

You cannot revise GSTR-3B but you can adjust your liability or asset in subsequent GSTR-3B. So any dispute of 17-18 can be resolved in 18-19. Keep a reco statement handy in case of GST audit.

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Mondira Saha (GST) (3925 Points)
Replied 07 May 2018

we know in circular 26/26/2017 gst mention that if we did mistake in 3b we can rectify in subsequence month

but after ending 17-18 FY can we make correction in 18-19 FY

what is the effect on blance sheet , what is the effect in final gst return of 17-18 ... thats the problum

CA Shivam Arora (Chartered Accountant) (2414 Points)
Replied 07 May 2018

1)Do you have the option to pass back-dated entries in your accounts or the accounts has been closed for F.Y. 2017-18?

If yes, then adjusting the balance in your accounts will not be a problem.

2) In case of GST return you don't have the option to revise, so only option is revising it in your next return. Even if your next return is falling in next F.Y. you will have to do it.