banner_ad

Gst accounting

This query is : Resolved 
Avatar

Querist : Anonymous

Profile Image
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
Profile Image

RAJA P M

Profile Image

RAJA P M (Expert)
07 August 2017 Above said accounting entry is exactly correct.
After you can get ITC refund as per refund rules under GST
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news


Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
Featured 28 May 2026
SEMI QUALIFIED/ CA DROPOUTS/ ARTICLES

T R SOOD & CO

New Delhi

CA Inter

View Details
Company
22 May 2026
U.S. Financial Reporting & Consolidation Manager

Karia Overseas

Ahmedabad

CA

View Details
Company
27 May 2026
Audit Assitant

Virender K Gupta and Co

New Delhi

B.Com

View Details
Company
ARTICLESHIP 23 May 2026
Article Assistants

Acupro Consulting

Gurgaon

CA Inter

View Details
Company
26 May 2026
CA / MBA (Finance) / CMA / M.Com (Finance)

Sri Aurobindo Gnostic Centre of Education

New Delhi

CA

View Details
Company
ARTICLESHIP 15 May 2026
Audit Assistant / Article Trainee / Intern

SSGS and Associates

Chennai

CA Inter

View Details
Company
ARTICLESHIP 15 May 2026
ARTICLE ASSISTANT, TRAINEE AND PAID ASSISTANT

YOGESH KAPOOR AND ASSOCIATES

New Delhi

B.Com

View Details
Company
09 June 2026
Accounts Associate

S Madan and CO

New Delhi

Graduate (Any)

View Details