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Adjustment of credit taken in trans1

NISHANT SHAH (Tax Practioner) (235 Points)

09 September 2018

Hi all,

I had VAT input of Rs. 464000/- in my BALANCE SHEET as on 30.06.2017. I transferred it to SGST account through TRAN1 of GST. Plus I have invoices having excise duty of Rs. 638000/-, that too I have thetransfer to CGST ACCacco through TRAN. Now I want to know that how will I make adjustments in my Balance sheet regarding this adjustments.

Thanks

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16 Replies

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 09 September 2018

VAT input to SGST :

Dr. Input SGST - 464000
Cr. VAT Input - 464000

Excise Duty on Invoices to CGST :

Dr. Input CGST - 638000
Cr. Excise Duty (on Invoice based) - 638000

** Excise Duty based on Invoices then You can account it under PandL Account...

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Rohit Tibrewal (Student & Senior Accountant) (3193 Points)
Replied 09 September 2018

@ Raja P M wo invoice having excise duty kya hai? And ek baat or ni samajh aaya ki, 30.06.2018 kyon wo adjustment to Trans 1 se 30.06.2017 me hona tha, will they carry till now?

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 09 September 2018

I don't know Hindi...

Rohit Tibrewal (Student & Senior Accountant) (3193 Points)
Replied 09 September 2018

@ Raja P M what do he mean by "invoice having excise duty" ? One more thing which I didn't understand, why 30.06.2018 adjustment made in Trans 1 it was required to be made on 30.06.2017? will they carry till now?

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 09 September 2018

@ Mr. Rohit Tibrewal.,

As per my assumption "the date is May be "Typical Error".

So,
Wait on further reply from Querist...

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Rohit Tibrewal (Student & Senior Accountant) (3193 Points)
Replied 09 September 2018

And what do he mean by "invoice having excise duty" ?

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 09 September 2018

https://www.caclubindia.com/share_files/gst-tran-who-is-how-is--73854.asp

NISHANT SHAH (Tax Practioner) (235 Points)
Replied 09 September 2018

sorry i had mistakenly typed 30.06.18 instead of 30.06.2017.

Rohit Tibrewal (Student & Senior Accountant) (3193 Points)
Replied 09 September 2018

Answer already made by @ Raja P M ji, just follow accordingly

NISHANT SHAH (Tax Practioner) (235 Points)
Replied 09 September 2018

Sir,

My question is that I am a trader and having bills in which excise is seperately mentioned, but i didnot keep record of excise duty as it is part of purchase cost for me. But I claimed this excise duty in Tran1 form and trasnfer it to CGST input account. now my question is how to make adjustment in Balance Sheet of this CGST Credit