gst adjustment Entry in tally Lesson 20
In our GST Tally Learning (Part-1) VASU & CO have
> IGST Liability: Rs.29,820. and
> CGST Input Credit: Rs.24,990
> SGST Input Credit: Rs.24,990
As prescribed by GST Law VASU & CO., first utilized CGST Input Rs.24,990 to set off IGST liability of Rs.29,820. After this adjustment IGST liability is Rs. 4,830.Later, SGST input credit of Rs.24,990 is set off against Balance IGST liability of 4,830.
Follow below steps to set-off IGST Liability Rs.29820
Note: IGST is Liability. Liability always is shown on Credit Side. Debit IGST to Decrease IGST Liability :
Debit IGST ---------------------------- Rs.29820
Credit CGST --------------------------------------------- Rs.24990
Credit SGST --------------------------------------------- Rs.4830
Gateway of Tally > Display > Statutory Reports > GST
> Select GSTR-1, GSTR-2 or GSTR-3B
> Select F2: Period: From & To date (01.10.2017 to 31.10.2017)
> From Right side panel click on J: Stat Adjustment
In the Stat Adjustment Details screen
> Select Decrease of Tax Liability
> Select Adjustment Against Credit
> F2:Date: Enter 31.10.2017
> By: Select IGST
> Enter Rate: 18% and Select Taxable Value: Rs.29820
> To: Select CGST and enter Rs.24990
> To: Select SGST and enter Rs.4830
After entered the above entry, you have SGST available input credit Rs.20,160.
Check Availability SGST Input Credit:
Gateway of Tally Select Balance Sheet
>F2: Period: Enter From 01.04.2017 - 31.10.2017
>Select F1: Detailed
> You can find out Duties & Taxes minus balance Rs. 20,160.
In the above balance sheet SGST Input credit shown in liability side. But this is your asset. Enter the following entry to set off liability.
Create SGST Available Input Credit Leger under Group Current Asset:
Create SGST Available Input Credit Leger under Group Current Asset:
Gateway of Tally > Voucher > F7: Journal
By: SGST Available Input Credit ------------------ 20,160
To: SGST-------------------------------------------- 20,160
By: SGST Available Input Credit ------------------ 20,160
To: SGST-------------------------------------------- 20,160
sir in which head we will show SGST available input credit when we will create this ledger
ReplyDeleteHi Neema,
DeleteUnder group Duties & Taxes