LIVE GST Certification Course by CA Arun Chhajer begins 27th April. Register Now!!

Opening Balance of ITC in Tally

Eajaz Ahmad (Accountant) (129 Points)

13 July 2020

Sir..
How make entry for Opening Balance of ITC in Tally..

Reply
Follow
Share

6 Replies

prasad Nilugal (3914 Points)
Replied 13 July 2020

Create ledger ," Balance with Revenue Authority " under current assets , show opening balance in the ledger .

Eajaz Ahmad (Accountant) (129 Points)
Replied 13 July 2020

Would it reflect in STATUTORY REPORT OF GST

prasad Nilugal (3914 Points)
Replied 13 July 2020

When you will take credit in the current year , Balance with Revenue Authority A/c will be credited. and CGST , SGST and IGST will be debited as the case may be and will reflect in report .

Eajaz Ahmad (Accountant) (129 Points)
Replied 13 July 2020

Thanks a lot sir..

prasad Nilugal (3914 Points)
Replied 13 July 2020

Well come dear

Manjiri (GST Practitioner) (37 Points)
Replied 22 July 2021

Even I had this issue and came across this answer. We are splitting company at year end in Tally after splitting I created the ledger as suggested by you with respective Dr balance. But it is showing difference in opening balances in balance sheet for the same amount.

Can you suggest some option to resolve this?