Hello,
I have a query on gst refund entry..let us assume we are running a company and we paid Rs.20000 for gst payment . but the actual amount was should be paid Rs.15000. then how to make journal for this transaction ?should we consider refund claim is an income??or which type of head we should put on refund claim or what type of entry we need to journalise for this transaction..
Advance GST Paid A/c Dr Rs 5000(Under Current Assets)
GST Liability A/s Dr Rs 15000
To Bank A/c Rs 20000
Sir,
Actually my question is about excess payment. For example we had paid Rs.20,000 by mistake..then we analysed that actual taxable amount was Rs.15,000 .. now we have option to claim refund and how to do make entry for this? and how to approach refund as income or which head of accounts will suit for refund???
Refund applied is an asset and will be categorised under currrent asset
Interest on refund will part of Income.
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