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

New GST Guidelines: Extra 5% Input Credit for Purchases; Journal Voucher Method for Accounting Discrepancies A user inquired about accounting for GST inputs and outputs under new guidelines effective January 2021, which allow purchasers to take an extra 5% input credit against purchase bills. The query involved maintaining IGST, CGST, and SGST accounts with discrepancies between invoice and portal figures. The user sought clarity on tax deposit liabilities and input carried forward. The response advised accounting for the extra 5% credit through a journal voucher (JV) in the books, reversing it when the supplier uploads the invoice, and emphasized the importance of tracking these entries for audit purposes.