GST Credit of One Month is added to input of Next Month

Lets understand this with the help of an example

 

 

Treatment of GST Credit.jpg

 

 

 

 

 

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Transcript

GST Credit is Added to Input of Next Month JANUARY Purchase-20000 IGST 1000 Total 21000 Sales-18000 IGST-900 Total-18900 OUTPUT-900 INPUT-1000 GST Payable GST Credit 100 FEBRUARY Purchase-30000 IGST-1500 Total-31500 Sales-40000 IGST-2000 Total-42000 Output-2000 Input 1500 ADD OPENING CREDIT=100 TOTAL INPUT 1600 GST Payable 400

About the Author

CA Maninder Singh's photo - Expert in Practical Accounts, Taxation and Efiling
CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 10 years. He also provides Accounts Tax GST Training in Delhi and Pune.