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Goods & Service Tax Reconciliation Tax Difference.

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Hello Everyone,

I Have a query regarding Goods & Service Tax, I have a raise a Tax Invoice march - 2021

Basic Amount = 634968.14 GST Amount = 177791.08 28% Total Invoice = 812759

But change in purchase tax difference in some items 28% to 18%

Filed IN GSTR-1 & GSTR-3B march

Basic Amount = 634968.14 GST Amount = 173976.84 28% Total Invoice = 808945

Tax Difference is = 3814/-

Party used Input Tax Credit against 812759

We paid tax against 808945

What is the way to repay 3814 to party account .

Replies (3)

Quick Summary

This discussion addresses a Goods & Service Tax (GST) reconciliation issue where a tax invoice for March 2021 had a higher GST amount than what was ultimately filed in GSTR-1 and GSTR-3B due to a change in tax rate for some items. The user is seeking guidance on how to repay the resulting £3814 tax difference to the party who used the input tax credit based on the original invoice amount, and what journal entry to use for this adjustment.