Input Cgst = 8000
Input Sgst = 8000
Input Igst = 25000
Output Sgst = 4000
Output Cgst = 4000
Output Igst = 15000
Thia is the scenario now what will be journal entry at month end that we make to close gst ledger
1. Set-off IGST Payable with IGST ITC
Output IGST…. Dr. 15000
To Input IGST 15000
2. First you have to exhaust IGST ITC, 10K left, so CGST and SGST will also be set-off from IGST ITC
CGST Output…. Dr. 4000
SGST Output…. Dr. 4000
To Input IGST 8000
3. ITC Carried Forward to next month
IGST c/f…. Dr. 2000
CGST c/f…. Dr. 8000
SGST c/f…. Dr. 8000
To Input IGST 2000
To Input CGST 8000
To Input SGST 8000
(Though this entry is not mandatory, as the balance gets reflected after 2nd entry… but it helps later on when you want to match the entries with your workings… or how much was carried forward or paid from a particular month, as the case may be)
CAclubindia
