Regarding journal entries of gst payable

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This query is : Resolved

Deep Garg (Querist)
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17 August 2017 Respected Experts
We have following input and output GST
O/P CGST - 36630
O/P SGST - 36630
O/P IGST - 52081

I/P CGST - 51512
I/P SGST - 51512
I/P IGST - 10590

And above following figures we got IGST PAYABLE 11727

PLEASE TELL ME HOW TO PASS JOURNAL ENTRIES FOR GST PAYABLE

Amol S Joglekar

Amol S Joglekar (Expert)
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18 August 2017 transfer the balances to O/P IGST.
01.
Debit O/P CGST 36630
Debit O/P SGST 36630
Credit I/P CGST...............36630
Credit I/P SGST................36630
02.
Debit O/P IGST 52081
Credit I/P CGST............14882
Credit I/P SGST............14882
Credit I/P IGST.............10590
Credit Bank..................11727
If various GST accounts viz sgst, cgst, igst, ugst are grouped under duties and taxes in Tally, no need to pass payable entry as such.Alternatively, in SAP or similar packages, group these accounts under same group.

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Deep Garg

Deep Garg (Querist)
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18 August 2017 THANKS SIR FOR YOUR KIND REPLY

Amol S Joglekar

Amol S Joglekar (Expert)
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21 August 2017 you are most welcome.......

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