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Adjustment entry

karthikrao (B.com CS(inter) -ongoing) (170 Points)

19 June 2018

Sir, I want to know about 1.CGST SGST IGST Input adjustment and Output entries 2.Input credit set off entries likwise IGST set-off accounting adjust entry...

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Mondira Saha (GST) (3925 Points)
Replied 19 June 2018

pass your entry as per return ...

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Ashiwini Ballodia (Managing Partner at TAXounting) (8732 Points)
Replied 19 June 2018

kindly refer https://www.greengst.com/how-to-set-off-input-tax-credit-in-gst-regime/

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Vinod Babu (24191 Points)
Replied 20 June 2018

Rules of Set off

The input tax credit of CGST will first set off the output tax liability of CGST.

The input tax credit of SGST will first set off the output tax liability of SGST.

The input tax credit of IGST will first set off the output tax liability of IGST.

The balance input tax credit of CGST will be used to set off any output tax liability of IGST.

The balance input tax credit of SGST will be used to set off any output tax liability of IGST.

The balance input tax credit of IGST will be used to set off any output tax liability of CGST and further will be used to set off any output tax liability of SGST.

CGST and SGST cannot set off each other.

Using this rule pass the entry.

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