watch_later 08/04/18

Sir F. Y. 17-18 is close.

How to Journal entry in account of SGST, CGST, IGST OUTPUT AND INPUT BALANCE. 


1 Response | Latest response: 12/04/18 | Sort by Likes(thumb_up) Recent | GST Reply

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)





Sign up to discuss taxation, accounting and finance topics with experts from all over India.

Join Discussion