Hello Expert..
I want to know about GST month end entries....what will be month end entries for input Gst and output gst..? do i need to pass these entries every month..???
I request if anybody can explaun me with an example...
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Confusion in GST month end entries
Replies (10)
When you pay GST liability at the end of month
1. Out Put GST A/c Dr
To Input GST A/c Cr
To GST payable A/c Cr
( Being GST payable after adjustment of Out & Input GSt )
2. GST Payable A/c Dr
To Bank A/c Cr
( Tax liability paid )
Sir suppose at the end of the month following is the scenerio...
Output Cgst = 10000
Output Sgst = 10000
Output Igst = 9000
Input cgst = 12000
Input sgst = 12000
Input igst = 10000
sir could you plz explain with this scenerio so that i will have more clear idea.
Thnx in advance sir.
Output Cgst = 10000
Output Sgst = 10000
Output Igst = 9000
Input cgst = 12000
Input sgst = 12000
Input igst = 10000
sir could you plz explain with this scenerio so that i will have more clear idea.
Thnx in advance sir.
you have to show 2000/- CGST , 2000/- SGST , and 1000/- refund amount under " revenue authority " under head current assets in balance sheet.
so have to debit revenue authority .
Refund entry
Bank. A/c. Dr
To revenue. authority a/c Cr
( being amount refunded. )
so have to debit revenue authority .
Refund entry
Bank. A/c. Dr
To revenue. authority a/c Cr
( being amount refunded. )
Ook.but sir as per the scenerio what will be journal entries...? I have confusion mainly in journal entries
Out put Cgst. A/c Dr 10000
Out put Sgst. A/c Dr 10000
Out put IGST A/c Dr 9000
Revenue authority A/C Dr 2000
Revenue authority A/c. Dr 2000
Revenue authority. A/c. Dr 1000
Please do not consider above entry
Output CGST A/c Dr 10000
Output SGST A/c Dr 10000
Output IGST A/c Dr 9000
Revenue Authority (CGST) A/c Dr 2000
Revenue Authority (SGST) A/c Dr 2000
Revenue Authority (IGST) A/c Dr 1000
To Input CGST A/c Cr 12000
To Input SGST A/c Cr 12000
To Input IGST A/c Cr 10000
( Being tax refundable form revenue authority )
Show revenue Authority under Current -Asset
Refund Entry will be
Bank A/c Dr 5000
To Revenue Authority (CGST) Cr 2000
To Revenue Authority (SGST) Cr 2000
To Revenue Authority (IGST) Cr 1000
( Being tax refunded by revenue authority )
input will not be refunded
The ITC available to you as on 31st March is an Asset under the minor head "Balance with Revenue Authority".
Thnks to all of you...
End of the month entries..
Output GST A/c Dr
To Input GST A/c Cr
---------------------------------------
If GST is payable
Output GST A/c Dr
To GST Payble A/c Cr
and
GST Payble A/c Dr
To Bank A/c Cr
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