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Gst accounting entry

Accounting Entries 494 views 6 replies

Dear All, 

              we are issued a tax invoice on 3rd Oct, 2017 for FY 2016-17 Accounting working. Accounting fee - 60,000/- & CGST& SGST - 10800/- are the breakup of tax invoice. I passed entry for tax invoice on 31st march, 2017 as below as my principal said,

Accounting Fee A/c        Dr 70,800 (Includes GST) 

           To MAK A/c (My office)        70,800

 

Now Problem is, How to pass entry to utilise the ITC from the above tax invoice because we already filed clinet Oct month GST return by utilisation of ITC from above tax invoice for accounting work. and how to keep same 70800 outstanding due even after pass rectified entry for the above entry.

 

 

Replies (6)

do not debit accounting fees with 70,800,

debit account fees with only 60,000

Input CGST             Dr.           5,400

Input SGST             Dr.           5,400

Dr. Accounting Fee - 60000/-

Dr Input CGST        - 5400

Dr Input SGST         - 5400

            Cr Tds on Fee @ 10%  - 6000/-

             Cr Mak A/c                    - 64800/-

Dear sonu, your entry has to pass once bill issued for accounting charges. I know this entry and concept behind this entry but my problem is, i passed a entry as shown in first query to show account charges outstanding in client financial statement. accounting charges includes GST @ 18%. TDS is deducted in the month of bill raised but came to GST return, I claimed ITC from this accounting charges invoice. now how to pass a adjustment entry to give GST in tally to match with GST return because earlier entry passed for same invoice amount includes GST.
I am not giving breakup of accounting charges and GST for earlier entry passed at the end of the FY 2016-17.

But came to FY 2017-18, I need to give adjust the entry to claim ( already claimed) ITC in GST return,

Dr. Input CGST - 5400/-

Dr Input SGST  - 5400/-

                   Cr. Accounting Fee - 10800/-

thanks for reply. accounting fee expense is already booked in previous year how to reverse that account in this current year.


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