GSTR-1 Query

Study material says that, "In case there is no consideration, but the activity is a supply by virtue of Schedule 1 of CGST Act, the taxable value will have to be worked out as prescribed and uploaded" I want to ask that since no payment will be received actually then how it will be adjusted in the books of accounts. Will such invoice value be written off or something else will be done? Kindly tell the appropriate accounting treatment...

Deepak Gupta

Deepak Gupta

CA Inter


31-Oct-20 00:09


Answers (2)

Invoice amount will not be booked. Only GST portion will get impacted

Suraj Lakhotia

Suraj Lakhotia


31-Oct-20 10:01

GST liability would be determined as per Valuation rules

Shiva Teja

Shiva Teja


07-Nov-20 13:00