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Credit in Trans 1
If we have stock on 30/06/2017. that time we have only state vat credit and after coming the GST we have available SGST AND CGST. how to adjust the credit of CGST in book. lets say we have credit of VAT 50000 & NOT central tax credit. VAT transfer credited in SGST AND CGST credit become lets say 450000, how to adjust in the book.
Replies (2)
Adjust VAT credit of 50000 through material cost i.e. Debit SGST Input Tax credit and credit Material cost to which VAT pertained
if answer is not satisfactory can you please eloborate your query
I am asking what about CGST. OF 450000
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