Ridhima Shukla asked 6 years ago
GST
Hi,
One of my Client has received an Invoice of Rs 60000 (inclusive of GST) from Supplier. Now in GSTR 2A, the Invoice amount is reflecting at rs 68000 (inclusive of GST). The invoice belongs to Mar 2018. My Question what is the treatment and impact of it in return and accounting?
1 Answers
Sachin Agrahari answered 6 years 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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