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Trans-1 credit

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Querist : Anonymous

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Querist : Anonymous (Querist)
21 March 2018 Dear expert,

We are dealer of Agree culture item & purchase from Finolex company now as per GST TRANS-1 we take credit of Excise of Rs.2800000/- from closing stock from 01/06/2016 to 30/06/2017 my question is the credit which has been taken in TRANS-1 is write or wrong and how shall I make entry in Tally for excise credit.

1) Puchase A/c(2800000/) Debit
Excise(2800000) A/c Credit

2) Excise A/c (2800000) Debit
CGST A/c (2800000) Credit

Above entry is write or wrong
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
13 May 2018 The entry will be as under:
CGST Input A/c Dr
To Purchases A/c

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