WebJul 8, 2024 · The Goods and Services Tax Network ("GSTN") has removed Negative Liability/Balance from the Cash Ledger for Composition Taxpayers. Please verify and … WebApr 13, 2024 · Collaborative ledger reconciliation is a software-as-a-service (#SaaS) ... By leveraging this technology, companies can reduce their bad debt losses, improve their cash flow, ...
Goods and Services Tax
WebDec 12, 2024 · If the cash ledger balance goes negative, the taxpayer must deposit the money using a challan for that amount. The taxpayer may request a refund of the excess amount if the payment of the amount that has been credited to negative liability has been made through DRC-03 , DRC-08 , or GSTR-4 of the following Financial Year. WebDue to the reversal of amount in the cash ledger of some composition taxpayers, the balance in the cash ledgers had become negative. The government has now decided … farmington mo sears
GST Advisory On Negative Liability :- A Guide
WebApr 12, 2024 · A petty cash log template is an easy way to create a format that includes columns for recording all the important financial information about petty cash transactions in any spreadsheet software such as Excel. Below are some free templates for a petty cash form you can customize for your business: 1. WebJun 10, 2024 · Accrued liability $100. This entry removes the negative $100 from receivables and records the $100 as a liability since you now owe a refund to the customer. 4. Posted an incorrect journal entry. Of all the scenarios that can cause a negative accounts receivable balance, this might be considered a pure mistake. Web2 days ago · The Central Board of Indirect Taxes and Customs, hereby waives the whole of interest payable under sub-section (2) of section 47 of the said Act, for the period from 11th April, 2024 upto and including the 13th April, 2024, in respect of such goods, where the payment of import duty is to be made from the amount available in electronic cash ledger. free reference generator updated