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Journal entry

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(Querist)
14 February 2018 Dear Sir ,
I have taken ITC on Closing stock as on the date of GST implementation in TRAN-1 return. Now my question is how to pass journal entry for the same ??
Note that I have passed an entry given below . Please advise whether this entry is correct or need to be rectified :-

Input Cgst ------ Dr
To Inventory

(Note that earlier I have capitalised the Excise Duty in the inventory since our product was exempt in excise law but now it is subject to 18 % rate of GST)


Pls advise
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ASHWANI DHANUKA

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ASHWANI DHANUKA (Expert)
14 February 2018 CGST Input A/c ... Dr
To Tran 1 Claim A/c
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ANIMESH PANDEY

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ANIMESH PANDEY (Querist)
14 February 2018 Thanks but what should br the nature of the ledger Tran 1 Claim. Indirect income
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ASHWANI DHANUKA

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ASHWANI DHANUKA (Expert)
14 February 2018 Yes it would be Indirect Income. But net it off through Discount at the time of finalisatin
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