GST month end journal entry

1. Set-off IGST Payable with IGST ITC

Output IGST…. Dr. 15000

To Input IGST                     15000

2. First you have to exhaust IGST ITC, 10K left, so CGST and SGST will also be set-off from IGST ITC

CGST Output…. Dr. 4000

SGST Output…. Dr. 4000

To Input IGST                     8000

3. ITC Carried Forward to next month

IGST c/f…. Dr. 2000

CGST c/f…. Dr. 8000

SGST c/f…. Dr. 8000

To Input IGST               2000

To Input CGST              8000

To Input SGST              8000

(Though this entry is not mandatory, as the balance gets reflected after 2nd entry… but it helps later on when you want to match the entries with your workings… or how much was carried forward or paid from a particular month, as the case may be)

Above  entries  will be   as per   insertion  of   New  section 49(A)  of  the CGST  amendment  act  2018   . 

IGST c/f…. Dr. 2000 CGST c/f…. Dr. 8000 SGST c/f…. Dr. 8000
 

Sir,

What accounting group should define for c/f accounts..

You have to show   under the group  current  Asset  , Head  "  Balance with  Revenue Authority "  as C/F .

IGST  Balance with  Revenue Authority  - 2000/-

CGST Balance with Revenue Authority  - 8000/-

SGST Balance with Revenue Authority -  8000/-

Pass the following journal entry :

Output IGST A/c Dr. 15,000
Output CGST A/c Dr. 4,000
Output CGST A/c Dr. 4,000
        To Input IGST A/c Cr. 23,000

My reply is to query of  Mr Kulkarni , regarding C/F  of ITC

Thank you very much sir...I also thanks to caclubindia team to support / resolve my queries time to time.

Thanks you again...