Credit utilization
This query is : Resolved
10 June 2017
Please reply the following question.
If a particular case book balance of Input SGST Rs-500/-, Output IGST-400/-, Output CGST-100/-, Output SGST-100/- then payable amount will be? and what accounting entries need to be done?
If a particular case book balance of Input SGST Rs-500/-, Output IGST-400/-, Output CGST-100/-, Output SGST-100/- then payable amount will be? and what accounting entries need to be done?
10 June 2017
Payable IGST 400 and CGST 100. SGST payable nil.
10 June 2017
As per Section 49(5) of CGST Act and also referencing to Section 49(5) of respective State GST Act, SGST Credit can be utilized for payment of SGST and balance which is left can be use for payment of IGST. Therefore, Output CGST 100 and IGST and SGST will be Nill.
Accounting Entry will be
By IGST Payable .. 400
By SGST Payable ... 100
To Input SGST ... 500
Accounting Entry will be
By IGST Payable .. 400
By SGST Payable ... 100
To Input SGST ... 500
Message likes :
1 times
10 June 2017
I agree with the above reply.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Applicability
- Where to show the RCM on Rent paid to unregistered landlord
- Is Aadhar PAN linking required for opening bank account?
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- TDS NUMBER SURRENDER
- Gst Sales of FY 2023-24
- Offsetting interest income against derivative trading losses
- Application of 115BAC
- Legal heir raised refund , but refund issued to the closed account of deceased.
- RCM - commercial rent paid to URP under GST
- Whether still royalty
- 20% OF DEMAND PAYMENT IN APPEAL
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
