i am a two wheeler dealer in kerala. I have purchased vehicles from Hariyana. I have paid excise duty @ 12%. when gst became applicable, i have filed TRAN1 form and availed cgst credit on the excise duty paid on the existing closing stock. How should i post the journal entry in Tally erp9? Please clarify the accounting procedure?
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Journal entry for excise duty credit under gst(tran1)
Replies (4)
Credit your expense and debit the respective CGST and SGST account
if you add excise duty in closing stock than reduce closing stock value and add COST receivable
how can i record this transaction in TAlly erp9?
closing stock value as on 30 th june was included this exices duty
This excise duty was included in cost of closing stock as on 30th june. Its credit can onlu be used against CGST.
So, how can i record this transaction in tally erp 9?
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