Financials Preparation
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 ?
Answers (7)
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
Its not recieved as cash , it's 2% GST Credit?
We have shared response for all 3 alternatives. Pls read response carefully