If a particular case book balance of Input SGST Rs-500/-, Output IGST-400/-, Output CGST-100/-, Output SGST-100/- then payable amount will be? and what accounting entries need to be done?
10 June 2017
As per Section 49(5) of CGST Act and also referencing to Section 49(5) of respective State GST Act, SGST Credit can be utilized for payment of SGST and balance which is left can be use for payment of IGST. Therefore, Output CGST 100 and IGST and SGST will be Nill.
Accounting Entry will be
By IGST Payable .. 400 By SGST Payable ... 100 To Input SGST ... 500
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