GST Transitional Provisions Explained by CA Ashok Batra

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Transitional Provision is the process of transferring credit from existing tax regime to GST Tax regime. Know all about it in the video with Renowned CA Ashok Batra.

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HELLO EXPERT!!

KINDLY HELP ME RESOLVE MY QUERY..

FATE OF ST ON CASH BASIS OF ACCOUNTING (UPTO 50L T.O.)??

EG. XYZ IS A SERVICE PROVIDER AND HAS TURNOVER BELOW 50LACS HENCE FOLLOWS CASH BASIS UNDER ST..

THEY RAISE INVOICES AND REMITS THE ST ON THE BASIS OF RECEIPTS..

ASSUME THEY HAD BILLED FOR 20LACS UPTO 30/06/2017 AND RECEIVED UPTO 7.5LACS,

WHAT WOULD BE THE FATE OF THE REMAINING 12.5LAC???

THE SAME HAS BEEN BILLED AS PER ST RULES BUT WOULD BE RECEIVED AFTER ST IS SUBSUMED UNDER GST I.E., AFTER 1ST JULY...

PLEASE NOTE GST DOES NOT HAS ANY CONCEPT OF CASH BASIS OF ACCOUNTING SO WHAT WOULD BE THE FATE OF THE INVOICES RAISED UPTO 30/06/2017/??

WHERE ARE THESE FUNDS RECEIVED FROM 1ST JULY TO BE DECLARED??

WHERE WILL BE THE ST REMITTED TO GOVT FOR THE FUNDS RECEIVED AFTER 30/06/2017??

THANKS IN ANTICIPATION!!!!

mohitbangani
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Dear Mam,
M reg under VAT as well as Excise
We sold both VATABLE as well as ECISABLE goods
Now My question is
I have some VATABLE stock( Excise is not separately mentioned)
Can I get DEEMED credit 60/40
Plz asap

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