ca
359 Points
Joined June 2008
POINTS ABOUT YOUR ANALYSIS
(1) INPUT TAX CREDIT IS NOT IN THE DEBIT SIDE IT SHOULD BE ONLY IN THE CREDIT SIDE OF THE BALANCE SHEET
2) GST DEBIT AND GST CREDIT ENTRY IS WITH THE BALANCE AMOUNT OF 400 ONLY
THAT MEANS GST DEBIT - GST CREDIT =
THIS AMOUNT SHOULD PAID TO GOVERNMENT OF INDIA
3) OUTPUT TAX LIABILITY SHIULD BE - (MINUSED BY THE ) INPUT TAX CREDIT THAT SHOULD SAME AS GST PAY MENT IS
SO WE SHOULD PAY TO THE GOVERNMENT OF INDIA IS ONLY 400 NOT 2400
WHAT SIR THIS IS RIGHT AS FOR YOUR ANALYSIS
FINALLY OUTPUT TAX LIABILITY SHOULD BE MINUSED BY THE INPUT TAX CREDIT AND THEN ONLY PAY TO GOVT