AUDIT fee PAYABLE 31.03.2018 GST

[satbir singhwahi]

Sir

Audit fee provision for audit of Books 31.03.2018 . As the accounting system under GST is accrual now for professionals, if clients book audit fee on 31.03.2018,then we have to deposit gst in april 2018. Kindly guide.

AI Summary

GST on Audit Fee Provisions: Payable in April 2018 Under Accrual Accounting; Supplier Liable, Not Recipient A discussion on a forum addressed the issue of whether GST is payable on audit fee provisions made on March 31, 2018, under the accrual accounting system for professionals. One participant confirmed that GST should be deposited in April 2018, aligning with the due date for filing returns, as the previous requirement to pay tax in March no longer applies. Another contributor clarified that under the forward charge mechanism, the service supplier is liable for the tax, not the recipient, unless the invoice is issued. The recipient is not responsible for tax on provisions in their books.