10 September 2019
Dear Sir I am regular dealer . Return of March 19, I have filed return through Cash Rs. 5500/- on 20- 4 - 2019. In preparing Balance sheet, said amount can I show in balance sheet as GST payable Rs. 5500/- in liability side. Plz reply with explanation? Thank you
10 September 2019
Firstly of all the GST payable on invoice to be shown as in the ledger GST - Output tax ( Separate ledger for IGST, SGST, CGST). Similarly GST ITC credit to be shown as in theledger GST - input tax ( separate ledger for IGST, CGST , SGST and RCM - SGST, RCM - IGST, RCM- CGST). The amount in the ITC to be folio transfered to output tax ( IGST,CGSTand SGCT) ledger and balance payable to shown in GST payable under the catagory of statutory liabilities
CAclubindia
