Page 141 - GSTL_21st May 2020_Vol 36_Part 3

2020 ] IN RE : CHAMUNDESHWARI ELECTRICITY SUPPLY CORPORATION LTD. 387
Guarantee Period Challan without making any invoice. No additional
(Using Delivery payment is made as the asset is replaced within
Challan) Guarantee period
16 Profit on sale of Stores Purchased Goods (Stores) are Accounted in Books
of A/c under Written Down Value (WDV). When it
is scrap materials sold, Invoice is prepared and ap-
plicable GST is paid. Sale proceeds shown separate-
ly. Where the Scraps are sold at a higher price than
the WDV, the difference is accounted as profit in
Books of Account under the Profit on Sale of Stores
a/c head. It is only Book Adjustment
17 Depreciation with- In respect of Purchase of Capital goods like Trans-
drawn from Contribu- formers, Poles, Cables etc. the depreciation ac-
tion/subsidies as per counted earlier is reversed. This is only reversal
AS-12 entry.
18 Write-back of Interest Interest accounted/demanded earlier if found to be
accounted incorrectly, it is written back in books of
accounts. This is only reversal entry
19 Excess found on During the stock verification of Stores Materials if
Physical verification found excess, the same will be shown in P/L A/c
of Materials Stock, as Excess found on Physical Verification. The GST
Fixed Assets & Cash is already paid at the time of purchase of Material.
20 Excess provision for Excess provision made in Income Tax payment at
IT the end of year for present financial year before
finalization of Company account
21 Excess provision for Excess Provision made in which difference between
Depreciation in Prior Provision Depreciation is made with the actual de-
periods preciation accounted in Books of Accounts.
22 Excess provision for Excess provision for Interest and Finance charges
Interest and Finance on Borrowings etc for the next Financial Year made
in the previous period is written back in current
year.
23 Other Excess provi- Other Excess provision made earlier period (Pre-
sion in Prior Periods GST and after GST) is written back in current finan-
cial year.
24 Other income relating Income if any relating to pre-GST period received if
to prior periods any is accounted in book of accounts after GST
Implementation.
25 Security Deposits Deposit Amounts like ISD, ASD, EMD, etc. collect-
transfer to Income ed from the consumers for connection or contract
after 3 year pre-GST works if not refunded due to non-traceability of
consumer/contractors after 3 years the amount will
be transferred to Misc. Income of the company,
(along with amount pertaining to pre-GST Trans-
ferred in GST Period). The amount will be paid
GST LAW TIMES  21st May 2020  141