Our Company is doing exports and we are claiming IGST for exports . We mention in the bill as payment of IGST and calming 5% the same from customs.
What is the entry which has to be passed in the boos. Should i reduce my input credit in the books as per Electronic credit ledger.. Please reply.
You should absolutely reduce your Input Tax Credit (ITC) in your books when it is utilized to pay off the IGST liability on exports. This ensures your financial records reflect the actual reduction in your credit balance as reported in your Electronic Credit Ledger on the GST portal.
Goodwin Pumps India Pvt Ltd
Chengalpattu
CA Inter
View Details
Saini Pati Shah & Co LLP, Chartered Accountants
Mumbai
CA Final
View Details
CCI
Pro
CAclubindia
