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Input reversal

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Abhishek Selvam O

258 Points Posted on 21 September 2020

in the month of September 2019 excess input claimed in 2018-19 was reversed and in 2019 in cgst input rcm there was opening balance of that excess claim Rs.72000 In september 2019 input 200000 less reversal 72000 for that reversal what should be entry since it has been taken to CGST RCM?

Replies (3)

Quick Summary

This discussion addresses the correct accounting treatment for reversing excess CGST input tax credit claimed in a previous financial year (2018-19) during September 2019. The user sought clarification on the journal entry required when an excess claim of Rs. 72,000, initially taken to CGST Input RCM, was reversed. A proposed entry involves debiting an 'Excess Input Reversal A/C' and crediting 'CGST Input RCM', followed by a debit to the 'Statement of P/L' and a credit to 'Excess Input Reversal A/C'.

Japjyot singh

24 Points Posted on 21 September 2020

In my opinion the entry should be like this:-

Pankaj Rawat

GST Practitioner

29904 Points Posted on 21 September 2020

Dear Abhishek
cannot get your query , can explain with example.

Japjyot singh

24 Points Posted on 21 September 2020

In my opinion the entry should be like this:-

Excess input reversal A/C Dr.72000
To Cgst input Rcm 72000

Statement of P/L Dr.72000
To excess input reversal 72000