GST Set off Journal Entries

Dear All,

Here is my excel sheet which i downloaded from somewhere. and i feed data in it. I want to make journal entries as per this sheet to set off GST.

Please help.

Thanks and regards

RR Singh

NEW METHOD OF SET OFF OF INPUT TAX CREDIT W.E.F. 1ST FEB 2019
       
Developed by CA B S Sridhar   sridharca @ gmail.com
       
  IGST CGST SGST
       
Output Tax 0 101233.7 101233.7
       
ITC - For the month 45954.71 89359.32 89359.32
ITC - Brought forward      
Total ITC 45954.71 89359.32 89359.32
       
  IGST CGST SGST
Total Output Tax 0 101233.7 101233.7
Less :- ITC Set off 0 0 0
IGST 0 45954.71 0
CGST 0 55278.99 0
SGST 0 0 89359.32
       
Payable in Cash Ledger 0 0 11874.38
Carry Forward 0 34080.33 0

 

Replies (4)
Quick Summary
The discussion explains GST input tax credit set-off journal entries under the new method (w.e.f. Feb 2019). Output CGST/SGST is adjusted against available IGST, CGST, and SGST ITC. Remaining liability, if any, is paid in cash, and excess ITC is carried forward.

Output CGST Dr. 101233.70
Output SGST Dr. 101233.70
To Input IGST 45954.71
To Input CGST 55278.99
To Input SGST 89359.32
To SGST Payable 11874.38
Output IGST Dr.45954
output Cgst Dr. 101233
Output Sgst Dr. 101233
To Input IGST .00000
To Input Cgst 113032
To Input Sgst 113032
Beaing input paid/claim against supply of output and balance input an amount of Rs.23596 Carried forward to meet supply ofsucceeding month.

another transaction of tax liability as treat as follows for outward purpose in the cash account ledger of taxpayer.
Output IGST Dr. 0000
Output Cgst Dr. 11798
Output Sgst Dr. 11798
To Cash .23596
Beaing the cash paid as gst liability on the sett off output and input supply during the month.
Dear Imthias Ahmed, there is no Output IGST in above sheet
Ok sir.
output IGST .Dr.000000

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