GST on Credit Balance Written Back
Pyare Lal Verma (CA) (27 Points)
14 September 2018
whether any GST Liability on Credit Balance Written Back in books of account ?
6 Replies
Rohit Tibrewal
(Student & Senior Accountant)
(3193 Points)
Replied 14 September 2018
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
Pyare Lal Verma
(CA)
(27 Points)
Replied 14 September 2018
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.
Rohit Tibrewal
(Student & Senior Accountant)
(3193 Points)
Replied 14 September 2018
OK, you have reversed earlier due to non payment within 180 days now written back.
Pyare Lal Verma
(CA)
(27 Points)
Replied 14 September 2018
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.
Rohit Tibrewal
(Student & Senior Accountant)
(3193 Points)
Replied 14 September 2018
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.
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 14 September 2018
As per secton 7 CGST act its not cover u der supply so No gst attracts
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