Gst transiitonal credit entry
This query is : Open
19 September 2018
As per the understanding of GST a registered retail dealer can avail Excise Duty paid on his purchases from the manufacturer using the Transitional Credits. As the dealer is a retailer during VAT regime he didnot avail the Excise duty and the same is included in Purchases. In GST even retailer can utilize Excise duty is my understanding.
So as per this we have taken Rs.1,50,000/- as transitional credits which we got in CGST.
My question is what is the entry in books of accounts to give effect to the same .
As per the understanding of GST a registered retail dealer can avail Excise Duty paid on his purchases from the manufacturer using the Transitional Credits. As the dealer is a retailer during VAT regime he didnot avail the Excise duty and the same is included in Purchases. In GST even retailer can utilize Excise duty is my understanding.
So as per this we have taken Rs.1,50,000/- as transitional credits which we got in CGST.
My question is what is the entry in books of accounts to give effect to the same .
20 September 2018
https://www.caclubindia.com/experts/input-tax-credit-2689924.asp
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