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Accounting of 2017-18 gst input in the current year

29 October 2018

My company's 2017-18 Audit is over . We did GSTR 2A reconciliation for 2017-18 and found out that we missed out some bills to be accounted which has GST Input .

So anyone please let me know what entries I should pass to account the last years GST Input in the current year.

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3 Replies

THARUNKUMAR.R (Article Assistant) (168 Points)
Replied 29 October 2018

If those omitted bills can't able to reflect in GSTR 2A in future, you should show those GST paid as expense.. Not to be shown in Current Assets

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rajni aggarwal (student) (137 Points)
Replied 29 October 2018

you can avail itc in respect bills from 1-7-2017 to 31-3-2018 by last in sep 2018 return gst-3b after sep you cant take itc and entries for that itc is that you debit input tax and credit respective expense related to your itc as when you passed entry in previous year you added itc in you expense hence you expense debited by excess amount so now you reduce it to increase itc in current fy

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niboj (Bangalore) (139 Points)
Replied 29 October 2018

Hi , Previous year , you have considered more expense. So Debit the GST Input Credit and reduce the expense.
for example
Dr Igst
Cr XXX

The time limit for considering the input is b4 one year or filing of Annual Return , whichever is earlier.

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