what should be the journal entry for refund of IGST(export) received ...?
please mention the ledger head with reference to tally.
entry of igst refund
Replies (7)
Booked Journal Entry
Bank A/C Dr
IGST Input Cr
Receive and Reverse the same to IGST paid head...
Here, debiting to ELECTRONIC credit ledger is nothing but reversal -
IGST reversal (grouped under indirect expenses).... Dr To the respective credit ledger say CGST/SGST/IGST ITC
While refund is received,
Bank....Dr
To GST refund received (grouped under indirect Income)
IGST reversal (grouped under indirect expenses).... Dr To the respective credit ledger say CGST/SGST/IGST ITC
While refund is received,
Bank....Dr
To GST refund received (grouped under indirect Income)
Bank a/c to IGST Receivable acc
| Originally posted by : Sundararajan S | ||
 |
Here, debiting to ELECTRONIC credit ledger is nothing but reversal - IGST reversal (grouped under indirect expenses).... Dr To the respective credit ledger say CGST/SGST/IGST ITC While refund is received, Bank....Dr To GST refund received (grouped under indirect Income) |  |
Mr. Sundarrajan S.,
At the time of Sales Invoice and Payments
How to enter the Details of IGST if it's Export...?
How to enter the Details at the time of Refund the amount...?
thank you everyone for your early response and obviously for your valuable help.
Entry for Export sales INR 5,00,000 with payment of IGST@5%
Debtors A/C ......Dr 5,00,000
Refund receivable A/C. 25,000
To IGST Payable A/C 25,000
To Export Sales A/C 5,00,000
2. IGST payable A/C ...Dr. 25,000
To Bank/Input credit A/C 25,000
3. Bank A/C ....Dr. 25,000
To Refund receivable. 25,000
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