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Entry for GST adjustment


Mohd Khalid   16 September 2020

Mohd Khalid

 10 likes  313 points

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Friends suppose I purchased some goods and paid CGST 500 and SGST 500 on it
Now I sold that goods and received CGST 600 and SGST 600 from customer
Now I have input CGST 500 and input SGST 500 and output CGST 600 and output SGST 600
Now I have tax liability of CGST 100 and SGST 100
Now the journal entry for the input output adjustment and tax payment through Challan made from bank to gov is:
CGST output Dr. 500
SGST output Dr. 500
To CGST input 500
To SGST input 500
CGST output Dr. 100
SGST output Dr. 100
To Bank 200
Friends I just want to ask the entry that I passed are correct or not

avater

Megha Kushwaha   16 September 2020

Megha Kushwaha

 2 points

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Correct

avater

Mohd Khalid   16 September 2020

Mohd Khalid

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But someone told me that if we pay tax to gov through bank or through Challan than entry for this will be
CGST input Dr
SGST input Dr
To Bank/Cash

prasad Nilugal   16 September 2020

prasad Nilugal

 116 likes  1758 points

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You pass the entry as follows

Out put CGST A/c Dr 600/-
Out put SGST. A/c Dr. 600/-
To Input CGST. A/c Cr. 500 / To Input SGST. A/c. Cr. 500/-
To CGST Payable A/c. Cr. 100/-
To SGST payable. AC. Cr 100/-
( GST payable )


Payment entry

CGST A/c Payable.Dr 100/-
SGST. A/c Payable Dr 100/-
To Bank A/c. Cr 200/-
( payment to Govt account ).

avater

Mohd Khalid   16 September 2020

Mohd Khalid

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Head of CGST payable and SGST payable will be duties and taxes or indirect expanses

avater

Sagar Patel (Tax and Business Consultant)     16 September 2020

Sagar Patel
Tax and Business Consultant 
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Agree with prasad Nilugal ji

avater

Sagar Patel (Tax and Business Consultant)     16 September 2020

Sagar Patel
Tax and Business Consultant 
 809 likes  8865 points

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Head of CGST payable and SGST payable will be under "duties and taxes" along with all input and output ledger

avater

Mohd Khalid   16 September 2020

Mohd Khalid

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Thanks

avater

Sagar Patel (Tax and Business Consultant)     16 September 2020

Sagar Patel
Tax and Business Consultant 
 809 likes  8865 points

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Most Welcome...........


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