GST ACCOUNTING ENTRIES (YEAR END PROVISIONAL ENTRIES)

Dear Sir,

i have GST OUTPUT IGST PAYABLE FOR MAR 23 WHICH I HAVE SET OFF GSTR3B APRIL 23 . KINDLY ADVISE REGARDING ACCOUNTING GST PROVISIONAL ENTRIES AT YEAR END.

GST SETOFF ENTRIES WHICH ARE DONE FOR MARCH IN APRIL .

OUTPUT IGST PAYABLE SETOFF AGST INPUT IGST,CGST,SGST

IN ACCOUNTS I HAVE AVAILED FULL INPUT IGST,CGST,SGST . NOT AS PER GSTR2B

IN GST RETURN I HAVE AVAILED INPUT ITC AS PER GSTR2B WHEREAS IN ACCOUNTS I HAVE AVAILED FULL ITC AS PER BILL (NOT AS PER GSTR2B)

 

KINDLY ADVISE

 

Replies (2)
Quick Summary
This discussion addresses year-end provisional GST accounting entries, specifically concerning the set-off of March's IGST payable against April's GSTR3B. It highlights the importance of reconciling Input Tax Credit (ITC) as per company books versus GSTR2B, and clarifies that March liabilities must be settled in cash, not offset with April's returns. The advice also points out that April data won't be available for the March 31st year-end closing.

Yo cannot Adjust March GST payable with April 3B You have to pay in cash
You need to reconcile the ITC as per books and 2B. and then create a new head in account and offset for the tax liability. April datas will not be there since those entries would have entered after 3st March. the year end is on 32st March

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