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Profile photo of Ridhima ShuklaRidhima Shukla asked 12 months ago

GST

Hi,
One of my Client has received Invoice of Rs 60000 (inclusive of GST) from Supplier. Now in GSTR 2A the Invoice amount is reflecting at rs 68000 (inclusive of GST). Invoice belongs to Mar 2018. My Question what is the treatment and impact of it in return and accounting?

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1 Answers
Profile photo of Sachin AgrahariSachin Agrahari answered 12 months ago

Madam,
It will be grossed up by the formula: 68000/100+rate of tax then you will get taxable value and rest will be the the Tax amount claimed as input.
Example= 68000/112%=60714 it is a taxable amount and 7286 is Tax amount.
Accounting will be :
Purchase A/c Dr. 60714
Input GST A/c Dr. 7286
             To Party A/c   68000
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