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GST on Credit Balance Written Back
whether any GST Liability on Credit Balance Written Back in books of account ?
Replies (6)
Which credit balance you are talking about?
No GST until and unless Supply of Goods or services and receiving the Supply of the goods or services
No GST until and unless Supply of Goods or services and receiving the Supply of the goods or services
under VAT, purchase material and claimed input.
There is no payment made to party and the same payable is written back.
There is no payment made to party and the same payable is written back.
OK, you have reversed earlier due to non payment within 180 days now written back.
no, just purchased material in 2015 and claimed in 2015. but payment made to party in cash. and party balance appearing in books since 2015. now credit balance appearing in books since 2015 now booked as income.
No GST for accounting entries, it's implication on your IT return only as your forfeited income.
In GST regime if you don't make the payment you need to reverse input after 180 days.
In GST regime if you don't make the payment you need to reverse input after 180 days.
As per secton 7 CGST act its not cover u der supply so No gst attracts
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