Entry should be as here under-
Invoice raised of Rs. 1,00,000/- and IGST applicable 5% entry should be books as bekow-
Party.................Dr 1,00,000
To Exports 1,00,000
IGST Receivable .................Dr. 5,000
To IGST Payable............... 5,000
On payment receipt of IGST-
Bank......................Dr 5,000
To IGST Receivable 5,000
Because IGST is not liability of foreign debtors so why we debit to the debtors for the same so we should passed a separate entry of IGST Receivable.
Shouldnt it be:
GST Refundable dr 18000
Party dr 100000
To Sale 100000
To GST Payable 18000
Did u find any solution of this , bcoz i am also encountering with the same prroblem
Dear Sir,
if i am charging gst from outside india parties. how can pass gst refund entry.
i am passing sale entry and paid tax entry.
1 party Dr.
sale Cr.
igst Cr.
2. IGST Dr.
bank cr.
how can refund entry passed?
@ Pradeep Kumar Dubey
After your entry
1) IGST Receivable A/c Dr
To IGST Payable A/c Cr
(Being IGST Payable ) Booking entry Of IGST payable
We have to pass one more Payment entry Of IGST payment To Govt A/c
IGST Payable A/c Dr
To Bank A/c Cr
(Payment to IGST to GOVT A/c at time of export with IGST )
and then Refund entry as pass by you
Bank A/c Dr
To IGST receivable A/c Cr
( being refund received )
or Is not necessary to pass payment entry in between , Your Opinion please
CAclubindia
