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DETAILS OF PURCHASES

A LTD Bill to:- My Co

Bill to:- My Co

Particular Amount
PLASTIC 100000
20000 KG*50  
CGST 9% 9000
SGST 9% 9000
TOTAL 118000

DETAILS OF SALES

MY CO Bill to:- X Ltd

Bill to:- X Ltd

Particular Amount
PLASTIC 160000
20000 KG*80  
CGST 9% 14400
SGST 9% 14400
TOTAL 188800

ENTRY FOR PURCHASE :-

-a-

Purchase Local Plastic A/cDr 100000

Input CGST 9% Dr 9000

Input SGST 9% Dr 9000

To A Ltd 118000

-ea-

ENTRY FOR SALES :-

-a-

X LTD Dr 188800

To Sales Local Plastic 160000

To Output CGST 9% 14400

To Output SGST 9% 14400

-ea-

ENTRY FOR ADJUSTMENT OF OUTPUT AND INPUT CGST

-a-

Output CGST 9% 14400

To Input CGST 9% 9000

To CGST Payable 5400

-ea-

ENTRY FOR ADJUSTMENT OF OUTPUT AND INPUT SGST

-a-

Output SGST 9% 14400

To Input SGST 9% 9000

To SGST Payable 5400

-ea-

Suppose Amount Deposited in Electronic Cash ledger(GST PMT-05) Rs 11500. Pass Entry

-a-

Electronic Cash ledger(GST PMT-05) A/c Dr 11500

To Bank 11500

-ea-

GST Liability adjusted Against Electronic Cash ledger(GST PMT-05). Pass Entry

-a-

CGST Payable Dr 5400

To Electronic Cash Ledger(GST PMT-05) 5400

 

SGST Payable Dr 5400

To Electronic Cash Ledger(GST PMT-05) 5400

-ea-

Entry for Balance Left in GST PMT-05. Pass Entry

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  1. Balance Left in GST PMT-05=11500-5400-5400=700
  2. No Entry will be passed for the same
  3. It will be used for Adjusting GST Payable for the next period

-ea-

  1. GST - Goods and Services Tax, India
  2. GST Computation & Accounting
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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 7 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com .
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