Negative balance in cash ledgers of some composition taxpayers to be nullified
GSTN has issued an advisory on negative balance in cash ledgers of some composition taxpayers. According to it, due 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 that the negative balance in the cash ledgers of such taxpayers should be nullified.
Accordingly, the negative balance has been nullified. All such taxpayers have been informed through email also.
- For a notice sent by GSTN Portal no inference may be drawn as to its actual service
- Cash deposit of Rs. 250000 cr (credit) misread as crores by AO – Plea declined
- Discontinuance of business of firm will not vest ownership of firm’s property with partners
- Release of seized jewellery/gold u/s 132B within 120 days is directory not mandatory
- ICAI issues FAQs on key accounting implications arising from New Labour Codes
