TaxTMI 
TaxTMI 
TaxTMI 
Transitional Credit to be written off
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....ransitional Credit to be written off<br> Query (Issue) Started By: - Kaustubh Karandikar Dated:- 22-8-2020 Last Reply Date:- 22-8-2020 Goods and Services Tax - GST<br>Got 1 Reply<br>GST<br>a) XYZ Pvt.....
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.... Ltd. have unutilised balance in Excise PLA A/c from F Y 2014-15 onwards under Education Cess and SHEC. Post GST XYZ also applied for refund through ACES portal, but did not receive the refund. Whethe....
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....r this amount is required to be written off in the books of accounts? The statutory auditors want confirmation on the same. b) XYZ paid service tax under RCM as per Excise Audit of Apr-16 to June-17 w....
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....ith interest & penalty. This amount could not be claimed post GST introduction. Whether this amount to be written off in books of accounts or to keep under receivables? The statutory auditors want con....
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....firmation on the same. Reply By Ganeshan Kalyani: The Reply: It depends upon the probability. In first query, the chances are less to get refund. So, should be written off in the books of accounts. ....
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....In the second, the credit was to be carried forward to GST thru Tran-1. If the same did not happen, then the chances of claim it is also less. Thus, should be written off.<br> Discussion Forum - Knowl....
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....edge Sharing ....