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entry of igst refund

21 June 2018

what should be the journal entry for refund of IGST(export) received ...?
please mention the ledger head with reference to tally.

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6 Replies

Ravi SADhiyan (Practice) (4510 Points)
Replied 21 June 2018

Booked Journal Entry

Bank A/C Dr

IGST Input Cr

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RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 21 June 2018

Receive and Reverse the same to IGST paid head...

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Sundararajan S (Final Student of ICAI) (1764 Points)
Replied 21 June 2018

Here, debiting to ELECTRONIC credit ledger is nothing but reversal -

IGST reversal (grouped under indirect expenses).... Dr To the respective credit ledger say CGST/SGST/IGST ITC

While refund is received,

Bank....Dr
To GST refund received (grouped under indirect Income)

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CA S Praveen Kumar Reddy (Chartered Accountant) (2195 Points)
Replied 21 June 2018

Bank a/c to IGST Receivable acc

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RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 21 June 2018

Originally posted by : Sundararajan S
	Here, debiting to ELECTRONIC credit ledger is nothing but reversal - IGST reversal (grouped under indirect expenses).... Dr To the respective credit ledger say CGST/SGST/IGST ITC While refund is received, Bank....Dr To GST refund received (grouped under indirect Income)