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Input gst..

SUMIT BADYAL (709 Points)

23 March 2020

hi, if we have only input gst what is the entry in the month end

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prasad Nilugal ( GST Practitioner & Accounts ) (14151 Points)
Replied 23 March 2020

Input GST with Revenue Authority A/c Dr

To Input GST A/c Cr

( being Input tax Credit with revenue Authority )

Note - Input GST with revenue Authority account will be under current asset .

please confirm with others also

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RAJA P M ("Do the Right Thing...!!!") (127058 Points)
Replied 23 March 2020

Yes... I agreed to Mr Prasad Nilugal's reply...

@ Mr SUMIT BADYAL.,

Prepare ledgers as CGST Adjustments, SGST Adjustments & IGST Adjustments...

After that transfer the input tax (and output tax) to the adjustments ledger. You can get exact balances (or payables).

Journal Entries :

For ITC -
Dr. CGST Adjustments - XXXX
Cr. CGST Tax - XXXX

For Output Tax -
Dr. CGST Output - XXXX
Cr. CGST adjustments - XXXX

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SUMIT BADYAL (709 Points)
Replied 23 March 2020

If next month output gst excess then input, what is the entry of using gst with revenue authority...

RAJA P M ("Do the Right Thing...!!!") (127058 Points)
Replied 23 March 2020

If next month Your output is exceeding input then pass entry as per my reply. You can get exact payable liability...

or

as per Mr Prasad Nilugal's reply

To, Output Tax - XXXX
By - Revenue Authority as above - XXXX
after that You can get payable liability...

( better to follow my reply. it's easily get your details)

SUMIT BADYAL (709 Points)
Replied 23 March 2020

Last month input cgst and sgst is 6276 and no output gst and this month output cgst and sgst is 5284 and input cgst and sgst is 50, can u please make entry

RAJA P M ("Do the Right Thing...!!!") (127058 Points)
Replied 23 March 2020

Originally posted by : SUMIT BADYAL
	Last month input cgst and sgst is 6276 and no output gst and this month output cgst and sgst is 5284 and input cgst and sgst is 50, can u please make entry

Last month means jan...? If Yes... then following entries will be better to You... Before that Prepare Ledger as "CGST ADJUSTMENTS" & "SGST ADJUSTMENTS" under Duties & Taxes head or Current Liabilities. & I take Your values are 6276 x 2 & 50 x 2... Now,

On 31/01/2020

i) Dr. CGST Adjustments - Rs. 6276

Cr. Input CGST - Rs. 6276

ii) Dr. SGST Adjustments - Rs. 6276

Cr. Input SGST - Rs. 6276

i) Dr. CGST Adjustments - Rs. 6276

Dr. SGST Adjustments - Rs. 6276

Cr. Input CGST - Rs. 6276

Cr. Input SGST - Rs. 6276

After the Entries You have Dr balance Rs. 6276 (in CGST & SGST) in Adjustment ledgers....

Note : You can pass the above entries to Tax Rates @ 2.5%, 6%, 9% & 14%

1 Like

RAJA P M ("Do the Right Thing...!!!") (127058 Points)
Replied 23 March 2020

Originally posted by : SUMIT BADYAL
	Last month input cgst and sgst is 6276 and no output gst and this month output cgst and sgst is 5284 and input cgst and sgst is 50, can u please make entry

On 29/02/2020

i) Dr. CGST Adjustments - Rs. 50

Dr. SGST Adjustments - Rs. 50

Cr. Input CGST - Rs. 50

Cr. Input SGST - Rs. 50

ii) Dr. Output CGST - Rs. 5284

Dr. Output SGST - Rs. 5284

Cr. CGST Adjustments - Rs. 5284

Cr. SGST Adjustments - Rs. 5284

After Entries You have Dr Balance in C/SGST Adjustment ledgers Rs. 1042/- (Each ledger)