Gst accounting
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 August 2017
Dear experts,
we are running a pvt. ltd. company in IT service. As we are exempted in GST in import of services no output in gst occur in accounting, but we are receiving services from local vendors like electricity, internet etc. they are charging gst on us. how can I get the input credit or refund the gst amount.
for example:
internet bill 40000/- & gst on that 7200/- total 47200/- payable to vendor. now should I pass the accounting entry like:
internet bill (p/l) dr. 40000
input gst (current asset) dr. 7200
cash/ bank cr. 47200
in balance sheet under c.asset will show input gst 7200/-, should we get refund 7200/- on gst return?
pls help
we are running a pvt. ltd. company in IT service. As we are exempted in GST in import of services no output in gst occur in accounting, but we are receiving services from local vendors like electricity, internet etc. they are charging gst on us. how can I get the input credit or refund the gst amount.
for example:
internet bill 40000/- & gst on that 7200/- total 47200/- payable to vendor. now should I pass the accounting entry like:
internet bill (p/l) dr. 40000
input gst (current asset) dr. 7200
cash/ bank cr. 47200
in balance sheet under c.asset will show input gst 7200/-, should we get refund 7200/- on gst return?
pls help
07 August 2017
Above said accounting entry is exactly correct.
After you can get ITC refund as per refund rules under GST
After you can get ITC refund as per refund rules under GST
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