Menu
Input Excise credit treatment in GST
I will be getting Input Excise duty credit on stock against GST. Should I now treat the Input Excise amount as Purchase cost (under Purchase accounts group TALLY) or as Duties and Taxies ?
Replies (3)
Under GST all these taxes (excise, VAT, service tax) will get subsumed into one account.
You have to maintain the following a/cs (apart from accounts like purchase, sales, stock) –
- Input CGST a/c
- Output CGST a/c
- Input SGST a/c
- Output SGST a/c
- Input IGST a/c
- Output IGST a/c
- Electronic Cash Ledger (to be maintained on Government GST portal to pay GST)
Pl refer brochure on input tax credit:
https://www.cbec.gov.in/resources//htdocs-cbec/gst/input-tax-credit-mechanism-onlineversion-07june2017.pdf
I will be getting the credit in future. So how should I treat the Input Excise amount in this financial year in Tally. As a purchase cost or duties and taxies ?
Recent Threads
- Returning the shares gifted by daughter?
- Gst tax rate
- Accounting of Govt Grant in aid-Assam Tea Estate
- Utilizing Capital gains in new home construction
- Hi i have some doubt about my microsoft exam?
- Period of holding of residential flat and its acqu
- ITRs for AY 2025-26 filed in September 2025 not pr
- Heard & Seen Around – Your Daily Economi
- Best NISM course for an Accountant
- Calculate IT on LTCG AND STCG for the FY 2025-26
Related Threads
CAclubindia
