GST "Credit" Adjustment Journal, Number Series selection under General Ledger Setup
- last year
Page Name: GST Credit Adj. Jnl
Ques 1: What is GST Credit Adjustment?
Ans: GST Credit Adjustment Journal can be posted as Reversal of Availment after posting GST Adjustment Journal for Type Credit Availment. Permanent Reversal is not applicable for reverse charge transactions.
The Credit Adjustment for Reverse Charge transactions can be executed only for GST Group Type as 'Service'.
Ques 2: What is GST Credit?
Ans: If we are manufacturers, and
(i) Tax payable on output (FINAL PRODUCT) is Rs 450
(ii) Tax paid on input (PURCHASES) is Rs 300
(iii) We can claim INPUT CREDIT of Rs 300 and you only need to deposit Rs 150 in taxes.
Ques 1: What is GST Credit Adjustment?
Ans: GST Credit Adjustment Journal can be posted as Reversal of Availment after posting GST Adjustment Journal for Type Credit Availment. Permanent Reversal is not applicable for reverse charge transactions.
The Credit Adjustment for Reverse Charge transactions can be executed only for GST Group Type as 'Service'.
Ques 2: What is GST Credit?
Ans: If we are manufacturers, and
(i) Tax payable on output (FINAL PRODUCT) is Rs 450
(ii) Tax paid on input (PURCHASES) is Rs 300
(iii) We can claim INPUT CREDIT of Rs 300 and you only need to deposit Rs 150 in taxes.