WE have filed the GSGR-3B for the month of March 2020. But one purchase bill pending with us. Same purchase bill booked in march 2020 but now the problem is that Gst Credit ledger and books balance not matching when i booked the same in march. So Match the books with GST portal i have made below entry in books please suggest below is correct or note
entry in books of account on 31.03.2020 Purchase Account ( DR.) 52000/- IGST Input (Dr) 9360/- Sundry Creditors (Cr) 61360/-
ITC to be Claim 2019-20 = 9360/- (DR) Current Assets IGST Input (Cr) = 9360/-
entry in April 2020
IGST Input (DR) 9360/- ITC to be Claim (Cr) 9360/- Kindly advise
27 September 2020
The entry is correct. You can pass such entry for better presentation of books of accounts. I just want to recommend a ledger name. Instead of using ITC to be claim, you can keep it like ITC not yet availed. If you are using a software like Tally for maintaining books of accounts then keeping the ledger under Duties and Taxes(Others) might be best rather than keeping in current assets as it might give better presentation of books of accounts. I am keeping this query open so that any other might give any other better idea.
CAclubindia
