Accounting entry for export GST Payable
Preksha Bhatt (CA.Student) (290 Points)
01 June 2018
what is accounting entry for GST payable in case of export without LUT?
19 Replies
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 01 June 2018
Party ... Dr
To Sale Export. Cr
To IGST payable Cr
To Sale Export. Cr
To IGST payable Cr
Preksha Bhatt
(CA.Student)
(290 Points)
Replied 01 June 2018
but we are not liable to recover from party ..
as we going to claim refund
as we going to claim refund
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 01 June 2018
When got the refund for IGST charged
Bank Dr
To party Cr
Bank Dr
To party Cr
Preksha Bhatt
(CA.Student)
(290 Points)
Replied 01 June 2018
but we will receive refund after netting off ITC and closing bal of party shows before ITC
Preksha Bhatt
(CA.Student)
(290 Points)
Replied 01 June 2018
if refund received after netting of ITC then ?
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 01 June 2018
What do you mean by netting of
yes you can pass entry :
ITC Recoverable Dr
To Party ............Cr
When reced. Refund
Bank ... Dr
To ITC Recoverable ... Cr
yes you can pass entry :
ITC Recoverable Dr
To Party ............Cr
When reced. Refund
Bank ... Dr
To ITC Recoverable ... Cr
Preksha Bhatt
(CA.Student)
(290 Points)
Replied 01 June 2018
if refund received after netting of ITC then ?
(Guest)
ITC means credit of input tax. And input tax means -
"input tax" in relation to a registered person, means the central tax, State tax, integrated tax or Union territory tax charged on any supply of goods or services or both made to him and includes-
[a] the integrated goods and services tax charged on import of goods;
[b] the tax payable under the provisions of sub-sections [3] and [4] of Section 9;
[c] the tax payable under the provisions of sub-sections [3] and [4] of Section 5 of the Integrated Goods and Services Tax Act;
[d] the tax payable under the provisions of sub-sections [3] and [4] of Section 9 of the respective State Goods and Services Tax Act; or
[e] the tax payable under the provisions of sub-sections [3] and [4] of Section 7 of the Union Territory Goods and Services Tax Act, but does not include the tax paid under the composition levy;
As you can see tax paid on export is not covered here so no question of netting off.
It will be straight away refunded.
"input tax" in relation to a registered person, means the central tax, State tax, integrated tax or Union territory tax charged on any supply of goods or services or both made to him and includes-
[a] the integrated goods and services tax charged on import of goods;
[b] the tax payable under the provisions of sub-sections [3] and [4] of Section 9;
[c] the tax payable under the provisions of sub-sections [3] and [4] of Section 5 of the Integrated Goods and Services Tax Act;
[d] the tax payable under the provisions of sub-sections [3] and [4] of Section 9 of the respective State Goods and Services Tax Act; or
[e] the tax payable under the provisions of sub-sections [3] and [4] of Section 7 of the Union Territory Goods and Services Tax Act, but does not include the tax paid under the composition levy;
As you can see tax paid on export is not covered here so no question of netting off.
It will be straight away refunded.
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 01 June 2018
DOESN'T MATTER, YOU CAN SETOFF THE OUTPUT IGST ON EXPORT BY INPUT FROM INWARD SUPPLY
AS TO ABOVE ENTREY , RECED. REFUND CAN BE CREDITED TO "ITC RECOVERABLE"
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