Accounting of transtional credit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 March 2018
How to record transitional credit in books.
Which accounting entry to be passed to journalise transitional credit availed
Which accounting entry to be passed to journalise transitional credit availed
06 March 2018
Debit - GST Input
Credit - Excise Input/VAT Input/Service Tax Input
Credit - Excise Input/VAT Input/Service Tax Input
Querist : Anonymous
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
07 March 2018
If you added the input to the purchase cost, you need to reverse the same.
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