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 ?

BALAMURALI UNNITHAN M S

CA Inter

★ 2K+

06-Feb-21 10:19

Answers (7)

Can be clear about your query

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

CA Inter

★ 2K+

06-Feb-21 12:05

Hi Mam

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