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Gst refund
suppose we apply for refund for rs.100 and received from department rs. 80 which is final, according to them we apply excess..so what is accounting entries for the same???
Replies (3)
Quick Summary
Here it is to write off the balance 20. Journel entry would be
Bank a/c Dr 80
Write off a/c 20
To ITC input a/c 100
Bank a/c Dr 80
Write off a/c 20
To ITC input a/c 100
can you pls elaborate the reason of such excess claim? whether it was denied by the deptt cz basis that recredit/reversal would happen? thank you
Alternatively,
At the time of application of refund,
GST refund receivable _Dr 100
To Itc 100
At the time of receipt of refund
Bank _Dr 80
ITC _Dr 20
To Gst refund receivable 100
Rs 20 being again available for utilization in credit ledger...The dept will recredit the amount in your electronic credit ledger, if it was applied from e credit ledger...
At the time of application of refund,
GST refund receivable _Dr 100
To Itc 100
At the time of receipt of refund
Bank _Dr 80
ITC _Dr 20
To Gst refund receivable 100
Rs 20 being again available for utilization in credit ledger...The dept will recredit the amount in your electronic credit ledger, if it was applied from e credit ledger...
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