Suppose an entity has not received the entire sale proceeds from a customer on the last date of a particular month.Will that sales be included in the calculation of total sales tax liability for that particular month.
Pranjal (Student CA IPC / IPCC) (531 Points)
09 April 2015Suppose an entity has not received the entire sale proceeds from a customer on the last date of a particular month.Will that sales be included in the calculation of total sales tax liability for that particular month.
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 09 April 2015
Yes, liability arises as soon as the invoice is raised and it is to be paid before due date
RABINDRA MALLIK
(CA Student)
(39 Points)
Replied 10 April 2015
| Originally posted by : Pranjal | ||
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Suppose an entity has not received the entire sale proceeds from a customer on the last date of a particular month.Will that sales be included in the calculation of total sales tax liability for that particular month. |  |
As we know we do accounting on accural basis.the same rule is followed for Vat liability.Therefore the liability for Vat is arises as soon as invoices is raised or payment is receipt which is earlier. So its irrelevent whether payment is received or not later
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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