What entry to be pass in tally after payment of gst.

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Ashim kr Ray (Querist)
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01 November 2017 Sir,

What entry to be pass after payment of GST, otherwise it shows Duties and Taxes in liabilities side of Tally.

RAJA P M

RAJA P M (Expert)
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02 November 2017 Dr. CGST - XXXX
Dr. SGST - XXXX
Cr. Bank - XXXX

Dr. IGST - XXXX
Cr. Bank - XXXX.....

Yes... Duties and Taxes are payable then it's shown as Liability....

If we have ITC then it's shown negative figure (Cr). At the time of year end we have transfer to "Revenue Authorities - Current Asset" head....

Simply said.,
Which is payable that is liabilities...
Which receivable/in hands that is Assets....

GOOD LUCK....

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RAJA P M

RAJA P M (Expert)
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02 November 2017 Dear Mr Ashim Kr Ray., I saw your participate in CCI after a long time....

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Ashim kr Ray

Ashim kr Ray (Querist)
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02 November 2017 Yes sir, you right .

Ashim kr Ray

Ashim kr Ray (Querist)
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02 November 2017 A video made on this will be really helpful as practical.

Ashim kr Ray

Ashim kr Ray (Querist)
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02 November 2017 Sir,
Do journal has to be pass for this entry.

RAJA P M

RAJA P M (Expert)
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02 November 2017 Yes...
You can pass...

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Ashim kr Ray

Ashim kr Ray (Querist)
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07 November 2017 Sir,
IGST has to be paid as you said earlier
this entry has to be pass
Dr. IGST - XXXX
Cr. Bank - XXXX....
Here Bank of Accountant has been used for payment of IGST and later on cash payment made to accountant.
So what to be shown here in this case.Cannot be shown accountant Bank account.

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RAJA P M

RAJA P M (Expert)
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07 November 2017 Just Pass JV :

Dr. IGST A/c - XXXX
Cr. Tax Consultant - XXXX

and

Payment :

Dr. Tax Consultant A/c - XXX
Cr. Cash / Bank A/c....

But,
Advisable to use your firm account to Tax Payments.

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RAJA P M

RAJA P M (Expert)
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07 November 2017 Dear Sir.,

Above said way., Open A Current Account in Your Firm name with Net Banking and Give the details to Your Consultant. So, Simple... or Pay Yourself...

Bcoz,
Some time the paymnet is not successful processing. That time the pressure is very high...

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