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GST Set off Journal Entries

4946 views 4 replies

Rao Ratan Singh

Manager Accounts

23 Points Posted on 02 November 2022

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.

Radhey Shyam Jha

Student

1628 Points Posted on 03 November 2022

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

Imthias ahamed Kormath

915 Points Posted on 03 November 2022

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.