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Accounting of transtional credit

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Querist : Anonymous

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Querist : Anonymous (Querist)
06 March 2018 How to record transitional credit in books.
Which accounting entry to be passed to journalise transitional credit availed
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Udaya Chandran

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Udaya Chandran (Expert)
06 March 2018 Debit - GST Input
Credit - Excise Input/VAT Input/Service Tax Input
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Querist : Anonymous

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Querist : Anonymous (Querist)
07 March 2018 you are correct but my transitional credit is related to goods in respect of which i am not eligible for itc but under gst i become eligible . i filled trans 1 table 7A , trans-2 table 4
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Udaya Chandran

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Udaya Chandran (Expert)
07 March 2018 If you added the input to the purchase cost, you need to reverse the same.

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