dear friends
I want to know how I create GST liability in books manually by which I adjust my GST paid in books
I m not getting cross entries for nill that accounts
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creating gst liability in books
Replies (2)
GST input tax credit (entry is made at the time of purchase), GST output tax liability (entry is made at the time of sale) to be mantained in separte ledger accounts. Every month one control entry can be made to adjust the input tax laibility with the output tax liability (control ledger), the balance tax payable, if any can be paid to the government in cash.
Yes... I agreed with Ms CA Padmasri Manyam.
As per GST transactions we have 3 separate taxes. So, You can create adjustment ledgers like IGST, CGST & SGST...
After You ll transfer with Journal Your Input and Output taxes to the Adjustment Ledger. After You can get Your details As ITC / Liability...
If Liability then Pay with Cash...
If ITC then C/f to next month...
As per GST transactions we have 3 separate taxes. So, You can create adjustment ledgers like IGST, CGST & SGST...
After You ll transfer with Journal Your Input and Output taxes to the Adjustment Ledger. After You can get Your details As ITC / Liability...
If Liability then Pay with Cash...
If ITC then C/f to next month...
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