Prathyusha Varma (ArticleShip) (393 Points)
12 April 2021
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 12 April 2021
Prathyusha Varma
(ArticleShip)
(393 Points)
Replied 12 April 2021
How does it effect can you please explain with an example?
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 12 April 2021
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 13 April 2021
| Originally posted by : Prathyusha Varma | ||
 |
Dear Experts,I have made provision in March 2021 books for all our vendors. Question here is "can vendor submit the invoice with March 2021 Date or April 2021 Date"Does date effect anything for which provision is made ?Thanks in Advance |  |
1) In case of goods, it is better to account purchase in March itself rather than provisional entries to avoid duplication of work. Usually vendors provide invoice (in respect of supplies made during March) in the month of March itself, in which case no separate provision is required.
2) In case you make provision in March and accept bills for April, then GST ITC will get deferred to subsequent month.
3) Tax to be deducted at source even on provisional entries.
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 13 April 2021
| Originally posted by : Prathyusha Varma | ||
|
Dear Experts,I have made provision in March 2021 books for all our vendors. Question here is "can vendor submit the invoice with March 2021 Date or April 2021 Date"Does date effect anything for which provision is made ?Thanks in Advance | |
1) In case of goods, it is better to account purchase in March itself rather than provisional entries to avoid duplication of work. Usually vendors provide invoice (in respect of supplies made during March) in the month of March itself, in which case no separate provision is required.
2) In case you make provision in March and accept bills for April, then GST ITC will get deferred to subsequent month.
3) Tax to be deducted at source even on provisional entries.
Prathyusha Varma
(ArticleShip)
(393 Points)
Replied 13 April 2021
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 13 April 2021
Manjula
(Accountant )
(119 Points)
Replied 21 April 2021
Prathyusha Varma
(ArticleShip)
(393 Points)
Replied 22 April 2021
Manjula
(Accountant )
(119 Points)
Replied 22 April 2021
Manjula
(Accountant )
(119 Points)
Replied 22 April 2021
akshay deshmukh
(Account Executive )
(4 Points)
Replied 09 April 2024
Dear Expert,
I got the bill in fy 24-25 it has gst & tds.
How will I get provision entry in March and April entry?
Plz suggest.
CAclubindia
