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Adjustment entry
Sir, I want to know about 1.CGST SGST IGST Input adjustment and Output entries 2.Input credit set off entries likwise IGST set-off accounting adjust entry...
Replies (3)
pass your entry as per return ...
kindly refer https://www.greengst.com/how-to-set-off-input-tax-credit-in-gst-regime/
Rules of Set off
The input tax credit of CGST will first set off the output tax liability of CGST.
The input tax credit of SGST will first set off the output tax liability of SGST.
The input tax credit of IGST will first set off the output tax liability of IGST.
The balance input tax credit of CGST will be used to set off any output tax liability of IGST.
The balance input tax credit of SGST will be used to set off any output tax liability of IGST.
The balance input tax credit of IGST will be used to set off any output tax liability of CGST and further will be used to set off any output tax liability of SGST.
CGST and SGST cannot set off each other.
Using this rule pass the entry.
The input tax credit of CGST will first set off the output tax liability of CGST.
The input tax credit of SGST will first set off the output tax liability of SGST.
The input tax credit of IGST will first set off the output tax liability of IGST.
The balance input tax credit of CGST will be used to set off any output tax liability of IGST.
The balance input tax credit of SGST will be used to set off any output tax liability of IGST.
The balance input tax credit of IGST will be used to set off any output tax liability of CGST and further will be used to set off any output tax liability of SGST.
CGST and SGST cannot set off each other.
Using this rule pass the entry.
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