Accounting entries gst

GST,Accounting Entries, Law, Reverse Charge, Advance in GST

2. Expenses/Income
Challan
Agreement
Payroll/Salary
Purchase/Sales Trial Balance
Cash/Bank
Reimbursement
Income Tax Assets/Liability
Profit/LossSave/Budget
Whatever may be form, everything needs to be
recorded in books at some point or other , so that
books of accounts show true and fair records.
Balance Sheet

3. Chapter VIII – Section 35
At principal place of business
Accounts relating to each place of business
shall be kept at such places of business
May keep and maintain such accounts and in
electronic form as prescribed
shall retain them until the expiry of seventy
two months from the due date of furnishing of
annual return for the year

4. Excise Act
Service Tax Act
Entry Tax Act
VAT Act
LBT
CST

5. Invoices
Bill of Supply
Delivery Challan
Credit Notes/Debit Notes
Receipt Voucher
Payment Voucher
Refund Voucher
E-Way Bills
Revised Invoices

6. Input GL’s
Input CGST A/c
Input SGST A/c
Input IGST A/c
Output GL’s
Output CGST A/c
Output SGST A/c
Output IGST A/c
Three Ledgers to be maintained by GSTn system for each
registered taxable dealer
GL’s on Web
Electronic Credit Ledger
Electronic Cash Ledger
Electronic Liability Ledger

7. CGST SGST
Both are in
Maharashtra
Charge of
Tax
Intra State
Supply to
By CA Aarchana Yadav
GST Rate
18%
Transaction Value Rs 1,00,000/-

8. In the Books of ABC Nashik(Supplier)
In the Books of XYZ Ltd, Mumbai
(Buyer)
Purchase A/c
Input CGST A/c
Input SGST A/c
To ABC Nashik
Input CGST & SGST will be grouped
under Current Assets head in Balance
sheet of the company. And at any time
should show Debit balance (which
means company will receive/use this
amount in future)
Dr
Dr
Dr
Cr
XYZ Mumbai A/c
To Sales A/c
To Output CGST A/c
To Output SGST A/c
Output CGST & SGST will be grouped
under Current Liabilities head in the
Balance Sheet of the company. And at
any time should show Credit balance
(which means company will have to
pay this amount to the government at
the time prescribed in future,
considering set off procedure )
Dr
Cr
Cr
Cr
1,00,000
9,000
9,000
1,18,000
1,18,000
1,00,000
9,000
9,000

9. KarnatakaMaharashtra
IGST
M/s
WCW
Buyer
Charge
of Tax
Inter State
Transaction Value Rs 1,00,000/-
GST Rate
18%

10. In the Books of M/s PXP
Maharashtra (Supplier)
In the Books of M/s WCW Ltd,
Karnataka (Buyer)
Purchase A/c
Input IGST A/c
To PXP (Mah)
Input IGST will be grouped under
Current Assets head in Balance sheet
of the company. And at any time
should show Debit balance (which
means company will receive/use this
amount in future)
Dr
Dr
Cr
WCW (K’kta) A/c

To Sales A/c
To Output IGST A/c
Output IGST will be grouped under
Current Liabilities head in the Balance
Sheet of the company. And at any
time should show Credit balance
(which means company will have to
pay this amount to the government at
the time prescribed in future)

Dr
Cr
Cr
1,00,000
18,000
1,18,000
1,18,000
1,00,000
18,000

11. By CA Aarchana Yadav

12. IGST
IGST
CGST
SGST CGST
SGST
IGST
SGSTCGST
IGST
CGST
SGST

13. IGST – Complete Set off Allowed – Based on Protocol
Output IGST A/c
To Input IGST A/c
To Input CGST A/c
To Input SGST A/c
Dr
Cr
Cr
Cr
Dr
Cr
Cr
3,000
1,000
1,000
1,000
2,000
1,000
1,000
Output CGST A/c
To Input CGST A/c
To Input IGST A/c

CGST – Set off Allowed against CGST & IGST – Based on Protocol

14. Dr
Cr
Cr
2,000
1,000
1,000
Output SGST A/c
To Input SGST A/c
To Input IGST A/c

SGST – Set off Allowed against SGST & IGST – Based on Protocol

15. Output IGST – Exceeds the Input taxes available
Output IGST A/c
To Input IGST A/c
To Input CGST A/c
To Input SGST A/c
To Bank A/c
Dr
Cr
Cr
Cr
Cr
4,500
1,000
1,000
1,000
1,500
At the end of the month, the Output tax GL’s post
payment of Challan’s should have “NIL” Balance

16. KarnatakaMaharashtra
IGST
M/s
WCW
Buyer
Charge
of Tax
Inter State
Transaction Value Rs 1,00,000/-
GST Rate
18%

17. In the Books of M/s WCW Ltd,
Karnataka (Buyer)
Purchase A/c
Input IGST A/c
To Output IGST (URD A/c)
To PXP (Mah)
A separate Input GST Receivable account can be created to
track the timing differences for the URD & RCM purchases or
expenses made.
Dr
Dr
Cr
Cr
1,00,000
18,000
18,000
1,00,000

18. In the Books of Importer, Transaction Value Rs 1,00,000
Purchase A/c
Input IGST A/c
To Output IGST
To Creditor A/c
To Custom Duty Payable A/c
Note: As Input credit of Custom Duty Payable is not allowed,
Hence clubbed in Purchase A/c (added in cost of Purchase)
Dr
Dr
Cr
Cr
Cr
1,20,000
18,000
18,000
1,00,000
20,000

19. In the Books of Exporter
CGST Refund Receivable A/c
SGST refund receivable A/c
IGST refund receivable A/c
To Input CGST A/c(unutilized portion**)
To Input SGST A/c (unutilized portion**)
To Input IGST A/c A/c(unutilized portion**)
Note** Unutilized input credit here mean input credit unutilized in relation to
purchases/expenses meant for exports.
Dr
Dr
Dr
Cr
Cr
Cr
*******
*******
*******
*******
*******
*******

20. In the Books of Exporter
Debtors A/c
IGST refund receivable A/c
To Sales A/c
To Output IGST A/c
Dr
Dr
Dr
Cr
*******
*******
*******
*******

21. In the Books of recipient of advance
Bank A/C
To Output CGST A/c
To Output SGST A/c
To Buyer A/c
(As the advance was received from Local party, Hence CGST and SGST output A/c is
considered. In case the advance is received from party outside state then IGST will
be applicable)
Dr
Cr
Cr
Cr
30,000
2288
2288
25423
Entry Dated:
11.7.2017

22. In the Books of recipient of advance
Bank A/C
To Output CGST A/c
To Output SGST A/c
To Buyer A/c
Dr
Cr
Cr
Cr
30,000
2288
2288
25424
Entry Dated:
11.7.2017