GST Input Regards & accounting

[Guest]

From 1st January 2021 As per new Guideline Purchaser taken only 5 % Extra input Against his purchase bills in hand and on sales part 1 % of out put tax will be also deposit by tax payer.now how igst ,cgst sgct Accounts will be maintain.

if igst as per inv with us 1000 scgst & cgst 1500 each But as per portal igst input 800 and sgst and cgst 1400 each with us .

second side output igst 700 & Sgst & Cgst 1200 Each .

1- what is my tax deposit liabilities.

2-How much input carried forward for next month .

3-Next Month no input igst sgst & cgst 500 each and output igst 300 and sgst & cgst 300. each

[Ganeshan Kalyani]

The extra 5% credit taken should be accounted thru JV in books. The same JV need to be reversed whenever the supplier uploads his invoice. The tracking of such entries are very important to justify the auditor.

AI Summary

Provisional GST input credit adjustments require reversal when supplier uploads invoice, with JV tracking to preserve audit trail. The provisional extra input credit should be recorded by a Journal Voucher and reversed when the supplier uploads the invoice; maintain a clear reconciliation and tracking of such provisional entries to support audit scrutiny. No specific liability or carryforward calculations are provided.