Cash accounting method of Professional
Query (Issue) Started By: – ANIL ANIKHINDI Dated:- 6-6-2017 Last Reply Date:- 4-7-2017 Goods and Services Tax – GST
Got 6 Replies
GST
It is well settled principle that all professionals like CAs, CMAs, Advocates, CSs etc. follow cash accounting system as against mercantile accounting system. They are preparing bills against provision of services from time to time. But the receipt of fees from clients is certain as to period. Sometimes they may receive payments even after 6 months, especially in case of Govt. audit assignments. Moreover some of the clients deduct certain amount from the billed amount and pay short amount than invoice amount. So far they are following cash accounting system,<\/p>\n
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Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n x is payable on billed basis. Once bill is issued GST is payable. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" Cash accounting method of Professional Query (Issue) Started By: – ANIL ANIKHINDI Dated:- 6-6-2017 Last Reply Date:- 4-7-2017 Goods and Services Tax – GSTGot 6 RepliesGSTIt is well settled principle that all professionals like CAs, CMAs, Advocates, CSs etc. follow cash accounting system as against mercantile accounting system. They are preparing bills against provision of … Continue reading “Cash accounting method of Professional”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-3558","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/3558","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3558"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/3558\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3558"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3558"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3558"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\nReply By ANIL ANIKHINDI:
\nThe Reply:
\nYes Sir, But for individual and partnership firms, LLP it is allowed to pay on receipt basis u\/r 6(1)- 4th proviso for turnover not exceeding ₹ 50 lakhs. What about these types of assesses under GST?
\nReply By MARIAPPAN GOVINDARAJAN:
\nThe Reply:
\nWhich rule you are citing?
\nReply By ANIL ANIKHINDI:
\nThe Reply:
\nRule 6(1) 3rd Proviso of Service Tax Rules 1994
\nReply By MARIAPPAN GOVINDARAJAN:
\nThe Reply:
\nThe facility available under third proviso to Rule 6(1) of Service Tax Rules, 1994 will not be available under GST regime.
\nReply By Ankit Goyal:
\nThe Reply:
\nI agree that receipt basis of accounting won't be available to professio<\/p>\n
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