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A/cing entry & GST Credit

madhura (dombivli) (50 Points)

31 July 2021  

⁉️❓❗Query regarding ⌨️💻A/cing entry :-- Client has paid subscriptttion fees to tally & entered it as purchase invoice bcoz IGST is paid @ 18% bt it should be classified as repairs & maint exp right..? so how to do A/cing & how to use that IGST credit ...? pls guide


 3 Replies

CMA Poornima Madhava (CMA) (12987 Points)
Replied 31 July 2021

Even this is a purchase of subscripttion service right? Same way, repairs & maintenance too is a purchase of service.

If you meant that the voucher type is purchase (instead of journal), this should not be a problem provided the expense is debited to the right account head say computer maintenance in this case.

Input tax credit on the same can be availed as usual.

1 Like

CA Misha Vidhani (Practicing Professional)   (161 Points)
Replied 31 July 2021

Pass another entry as:-

 

Repair and Maintainance Expense A/c Dr

Puchase A/c Cr. (under stock Head which was entered in first entry)

 

Value for this Entry shall be the amount before GST

1 Like

Sourav (Student) (23887 Points)
Replied 31 July 2021

ITC on IGST shall be utilised in same manner

Subscripttion fees a/c dr
to Bank a/c

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