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Confusion in GST month end entries

Ankit (Officer) (41 Points)

24 March 2019

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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10 Replies

prasad Nilugal ( GST Practitioner & Accounts ) (14165 Points)
Replied 24 March 2019

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 )

Ankit (Officer) (41 Points)
Replied 24 March 2019

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.

prasad Nilugal (3914 Points)
Replied 24 March 2019

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. )

Ankit (Officer) (41 Points)
Replied 24 March 2019

Ook.but sir as per the scenerio what will be journal entries...? I have confusion mainly in journal entries

prasad Nilugal ( GST Practitioner & Accounts ) (14165 Points)
Replied 24 March 2019

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