Transitional Credit to be written off, Goods and Services Tax - GST

[Kaustubh Karandikar]

a) XYZ Pvt. 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. Whether 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 with 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 confirmation on the same.

Posts / Replies

[Ganeshan Kalyani]

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. 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.