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Preparing financials of a company , with the help of AS 7 , contracting business , as per GST provision 2 % GST - TDS applicable on reciving payments from Govt .Departments , but the assessee not any documents regarding the same & its not identified from GST returns , how adjust the amount while preparing financials ?


BALAMURALI UNNITHAN M S

BALAMURALI UNNITHAN M S

CA Inter

2K+

06-Feb-21 10:19

38

Answers (7)

Can be clear about your query


ruchi lahoti

ruchi lahoti

Moderator

06-Feb-21 11:02

Hi Mam , 2% GST - TDS deductable by department while making payment. But some of the works have its not applicable. But not recived any documents regarding the same? The question is how account these ? Treat as GST recievable in asset side of B S?


BALAMURALI UNNITHAN M S

BALAMURALI UNNITHAN M S

CA Inter

2K+

06-Feb-21 12:05

Hi Mam


BALAMURALI UNNITHAN M S

BALAMURALI UNNITHAN M S

CA Inter

2K+

06-Feb-21 16:49

Hi Mam

If you believe GST is deducted and you will be given TDS credit - show as receivable. if you think you will not get the money back ... write it off. if you believe they will pay you money at a later date, show as receivable and then adjust it with cash when you get the cash


Sriram Somayajula

Sriram Somayajula

Admin

06-Feb-21 17:25

Its not recieved as cash , it's 2% GST Credit?


BALAMURALI UNNITHAN M S

BALAMURALI UNNITHAN M S

CA Inter

2K+

06-Feb-21 17:45

Its not recieved as cash , it's 2% GST Credit?

We have shared response for all 3 alternatives. Pls read response carefully


Sriram Somayajula

Sriram Somayajula

Admin

07-Feb-21 06:36

Ok


BALAMURALI UNNITHAN M S

BALAMURALI UNNITHAN M S

CA Inter

2K+

07-Feb-21 10:11

Happy Mother's Day
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