GST-Composition scheme under Regular

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P. RAMA MOHANA RAO (Querist)
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11 August 2020 Sir

I am doing part-time Accounting to Restaurant. It is under composition scheme but it's turnover is more than 1.5 crore. So its GST-Composition scheme under Regular basis.

TYPE-1

Last F.Y (ie.2019-20) I passed the purchase entry in tally under given below.

1. Gas purchase from Prabhu Gas Agency Rs.1200/-

Prabhu Gas Agency a/c .................Dr. 1200
To 18% Gas Purchase a/c Rs.1,000
To CGST @9% Rs. 100
To SGST @9% Rs. 100
(Being the Purchase of Gas vide B.No.1096)

TYPE - 2

This F.Y (2020-21) I passed the purchase entry in tally under given below

2. Gas purchase from Prabhu Gas Agency Rs.1200/-

Prabhu Gas Agency a/c .................Dr. 1,200
To 18% Gas PurchaseS a/c Rs.1,200
(Being the Purchase of Gas vide B.No.1195)

Please clarify and guide to me on above which type entry is best suitable for both to GST & Income-Tax purpose.

GN Patankar

GN Patankar (Expert)
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16 August 2020 As per accounting both the entries are incorrect. Basic of accounting is missing .
You have purchased from Prabhu , Credit the giver . Input tax credit is ineligible for u , you can club with purchase.

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