Gst Journal entries

Hy All,

How to pass journal entries of Gst input as per Gstr 2B return in  books..

Some supplier file rerun on qtr basis, if we entered bill according to bill date the mis match of Gst adjustment in our books  

 

Replies (2)
Quick Summary
This discussion explains how to manage GST journal entries, particularly when suppliers file returns quarterly. The recommended approach involves passing regular entries as per the purchase register. Any unclaimed Input Tax Credit (ITC) should be transferred to a separate 'Deferred CGST/SGST/IGST' current asset account. Once the ITC appears in GSTR-2B, you can then credit these deferred accounts and debit the main ITC accounts.

Pass regular JEs as per purchase register. Transfer the unclaimed ITC portion to separate current asset account, namely Deferred CGST/SGST/IGST. Subsequently when it is claimed upon reflecting in 2B, you can credit these accounts and debit the main ITC accounts.

Dr. Unclaimed ITC
Cr.Input IGST/ CGST/ SGST

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