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How to Journal entry in account of SGST, CGST, IGST OUTPUT AND INPUT BALANCE.
Any IGST credit will first be applied to set off IGST and then CGST.Balance if any will be applied to setoff SGST.
Example:1. if IGST ouput Rs.45,000/ and IGST input Rs.20,000/- CGST input Rs.5000/-
Then entry will ge:
output IGST A/C ---Dr Rs.45,000/-
To Igst input a/c Rs.20,000/-
'' Cgst input a/c Rs.5,000/-
'' Electronic cash ledger a/c Rs.20,000/-
(Being monthly setoff entry passed)
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