Sir, how to show the GST paid (Debited by bank) on bank charges, GST on purchase bill of gift items ( which were given to customers as Free) and also GST on purchase of Furniture for office use. my doubts are:
1. how to treat the above input CGST and SGST in 3B and GSTR 1 reports.
2. how to treat them in Books of Accounts.
please clarify with suitable example.
1) For Inputs on Bank charges and Furniture if you using for furtherance of Business , you can claim Input tax credit in GSTR3B
2) You can not claim Input Tax credit in GSTR3B for Purchase on Gifts because it is Blocked credit as per section 15(5) (H) of the CGST act 2017 .
3) GSTR1 is for outward supply (sales ) not for purchase .
4) you have pass J.E in the books of Accounts
For Bank Charges
Bank Charges A/c Dr
CGST A/c Dr
SGST A/c Dr
To Bank A/c Cr
( Bank charges for the month of ------)
For purchase of Furniture
Furniture A/c Dr
CGST A/c Dr
SGST A/c Dr
To Sundry Creditors A/c Cr
( Being purchase of furniture Invoice no ----)
please confirm with others also .
Thank you sir, but how to/where to show the GST on Bank charges in GST Returns ( GST on bank charges not reflecting in GSTR 1 i.e. bankers not uploading )
CAclubindia
