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Gst refund

userrr (Accountant) (132 Points)

22 June 2020

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???

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David (article Assistant) (1621 Points)
Replied 22 June 2020

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

CA Surjeet Negi (Indirect Tax- Consultant) (50 Points)
Replied 22 June 2020

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

CA Saloni (Manager-Accounts & GST Consultant) (5124 Points)
Replied 23 June 2020

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...

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