GST Query Entry in tally

This query is : Resolved

Narendra Wod (Querist)
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01 January 2021 Good Afternoon Respected all,

I have a query for making journal entry of GST as below.

feb-19
OUTPUT CGST 9344.68, INPUT CGST 19686.67= ITC 10342
OUTPUT SGST 9344.68, INPUT SGST 19686.67= ITC 10342

If i have ledger of CGST Payable & SGST Payable & Output CGST & Output SGST & Input CGST & Input SGST then how should i make the entries. how many entry will be done????

Please reply .

Asha Kanta Sharma

Asha Kanta Sharma

(Expert)
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07 July 2024 To record the GST transactions for February 2019 with the given details, you will typically make journal entries involving your CGST Payable, SGST Payable, Output CGST, Output SGST, Input CGST, and Input SGST ledgers. Here’s how you can approach it:

### Journal Entries:

1. **For Output GST (Sales)**:
- Debit Output CGST Account
- Debit Output SGST Account
- Credit CGST Payable Account
- Credit SGST Payable Account

```
Debit: Output CGST Account 9,344.68
Debit: Output SGST Account 9,344.68
Credit: CGST Payable Account 9,344.68
Credit: SGST Payable Account 9,344.68
```

This entry records the CGST and SGST collected on sales.

2. **For Input GST (Purchases)**:
- Debit CGST Payable Account
- Debit SGST Payable Account
- Credit Input CGST Account
- Credit Input SGST Account

```
Debit: CGST Payable Account 19,686.67
Debit: SGST Payable Account 19,686.67
Credit: Input CGST Account 10,342.00
Credit: Input SGST Account 10,342.00
```

This entry records the CGST and SGST paid on purchases, with the net ITC (Input Tax Credit) claimed.

### Explanation:
- **Output CGST/SGST Accounts**: These accounts reflect the GST collected on sales made during February 2019.
- **Input CGST/SGST Accounts**: These accounts reflect the GST paid on purchases made during February 2019.
- **CGST Payable and SGST Payable Accounts**: These accounts are used to track the GST liability payable to the government after offsetting the ITC claimed from the GST collected.

### Number of Entries:
- You will make **two journal entries** for each tax type (CGST and SGST):
- One entry for recording the GST collected on sales (Output GST).
- Another entry for recording the GST paid on purchases (Input GST).

### Important Considerations:
- Ensure that the amounts in the debit and credit sides match correctly to maintain the balance in your GST payable and receivable accounts.
- Verify the amounts with your GST returns and ensure compliance with GST rules and regulations.

If you have specific ledger names or account codes in your accounting system, substitute them accordingly while making these entries. It’s also recommended to consult with a tax professional or accountant to ensure accurate recording of GST transactions based on your business’s specific circumstances and GST compliance requirements.