Accounting entries under GST, How to pass accounting entries In GST
GST Entries for Every Month
Sales Purchase Expenses RCM CLOSURE ENTRY TO BE PASSED ON THE LAST DAT OF MONTH Let us consider a few basic business transactions (all amounts excluding GST) Example 1: Intra State (i.e Within State) Assuming CGST @8% and SGST@8% The entries will be- Thus due to input tax credit, tax liability of Rs. 24,000 is reduced to only Rs. 5,280. Also, GST on legal fees is also adjusted which was not possible in current tax regime. If there had been any input tax credit left it would have been carried forward to the next year Example 2: Inter-state (i.e from one state to another) Assuming CGST @8% and SGST@8% Any IGST credit will first be applied to setoff IGST and then CGST. Balance if any will be applied to setoff SGST. So out of total Input IGST of Rs. 24,000, firstly it will be completely setoff against IGST. Then balance Rs. 8,000 against CGST. From the total Rs. 40,000, only Rs. 13,280 is payable. SO THE SETOFF ENTRIES WILL BE- Rates taken of CGST, SGST and IGST are for illustrative purposes only. That’s all for Accounting Entries Under GST. Keep Sharing. Recommended Articles
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