14 February 2018
Dear Sir , I have taken ITC on Closing stock as on the date of GST implementation in TRAN-1 return. Now my question is how to pass journal entry for the same ?? Note that I have passed an entry given below . Please advise whether this entry is correct or need to be rectified :-
Input Cgst ------ Dr To Inventory
(Note that earlier I have capitalised the Excise Duty in the inventory since our product was exempt in excise law but now it is subject to 18 % rate of GST)
CAclubindia
