GST Accouting Entries

GST ACCOUNTING ENTRIES BY NORMAL DEALERS

Name of Accounts to be maintained by Normal Dealer

  • Input CGST  A/c
  • Input SGST A/c
  • Input IGST A/c
  • Output CGST A/c
  • Output SGST A/c
  • Output IGST A/c
  • GST Payable A/c

  (Transactions Within State)

1.           M/s ABC  buys Goods from  Party  S  for Goods Rs. 8,000   ( CGST @ 9%, SGST @ 9%)

(Purchase Accounting Entry) Purchase A/c                                 Dr.8000
Input CGST A/c                            Dr      720
Input SGST A/c                              Dr      720
To   Party  S A/c                 Cr    9440

2.           M/s ABC Sold Goods to   Party Y   for Rs. 25,000

(Sale Accounting Entry)

Party Y  A/c                      Dr     29,500
To Sales A/c                 25,000
To Output CGST A/c       2,250
To Output SGST  A/c      2,250

(Expenses Accounting Entry)

3.           M/s ABC  paid legal  fees to Advocate Mr. A of  Rs. 5,000
Legal Fees A/c Dr    5,000
Input CGST A/c Dr                   450
Input SGST A/c Dr                   450
To Advocate A A/c                                          5,900
(Asset Purchase Accounting Entry)

4.  M/s ABC  Purchased furniture worth Rs. 3,000
Furniture A/c Dr                     3,000
Input CGST A/c Dr                   270
Input SGST A/c Dr                   270
To Cash A/c                                          3,540

Total Inputs and Output taxes
Input CGST  = 720 + 450 + 270 = 1,440
Input SGST  = 720 + 450 + 270 = 1,440
Output CGST = 2,250
Output SGST = 2,250

(GST Adjustment Entry Accounting Entry)

5.   GST Payable  (At End of Month)
Output CGST A/c Dr   2,250
Output SGST A/c Dr   2,250
To Input CGST A/c        1,440
To Input SGST A/c        1,440
To GST Payable A/c      1,620

Inter State Sales (Sales outside )

1.           M/s ABC  buys Goods from  Party  S  for Goods Rs. 8,000   ( CGST @ 9%, SGST @ 9%)
(Purchase Accounting Entry)

1.           Purchase A/c                                 Dr.8000
Input CGST A/c                            Dr      720
Input SGST A/c                              Dr      720
To   Party  S A/c                 Cr    9440

2.           M/s ABC Sold Goods to   Party Y   for Rs. 25,000

(Sale Accounting Entry)
Party Y  A/c                      Dr     29,500
To Sales A/c                 25,000
To Output IGST A/c       4,500

(Expenses Accounting Entry)

3.           M/s ABC  paid legal  fees to Advocate Mr. A of  Rs. 5,000
Legal Fees A/c Dr    5,000
Input CGST A/c Dr                   450
Input SGST A/c Dr                   450
To Advocate A A/c                                          5,900

4.           Sales by M/s ABC  to Y who is in same state for Rs. 30,000
Y A/c Dr     35,400
To Sales A/c                 30,000
To Output CGST A/c       2,700
To Output SGST  A/c      2,700

 

Total Inputs and Output taxes
Input CGST  = 450
Input SGST  = 450
Input IGST = 1,440
Output CGST = 2,700
Output SGST = 2,700
Output IGST = 4,500

5.           On month end for GST Payable
Output CGST A/c Dr   2,700
Output SGST A/c Dr   2,700
Output IGST A/c Dr    4,500
To Input CGST A/c        450
To Input SGST A/c        450
To Input IGST A/c      1,440
To GST Payable A/c      7,560