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Calculation Of GST ( IGST, CGST & SGST)

 

For PURCHASE & PAYMENT :

IGST

CGST

SGST

For Transaction 1 : GST paid to party on assessable value of Rs.4,000 @ 18 % GST is Rs. 720

 

360

360

For Transaction 2 : GST paid  to Party on the assessable Value of Rs. 40,000 @ 28% GST is Rs. 11,200

 

5600

5600

For Transaction 3 : IGST paid on the assessable Value of Rs. 90,000 @ 18% GST is Rs. 16,200 &  Rs. 20,000 @ 12% GST is Rs. 2,400 [ 16200+2400]

18600

 

 

Total of Input GST [ IGST, SGST & CGST]

18600

5960

5960

For SALES :

 

 

 

For Transaction 6 : GST received from Party on assessable value of Rs. 7,500  @ 18% GST Rs. 1350

 

675

675

For Transaction 7 : GST received from Party on assessable value of Rs. 45,000 @ 28 % GST Rs. 12600

 

6300

6300

For Transaction 8 : GST received on the assessable Value of Rs. 1,00,000 @ 18% GST is Rs. 18,000.

 

9000

9000

For Transaction 9 : IGST received on the assessable Value of Rs. 30,000 @ 12% IGST is Rs.3600 for sale outside State.

3600

 

 

Total Output GST [ IGST, SGST & CGST]

3600

15,975

15,975

 

TABLE OF GST ADJUSTMENT :

 

Particulars

IGST

CGST

SGST

Output GST Liability

3600

15,975

15,975

Less : Input GST Credit

 

 

 

Input CGST

 

5960

 

Input SGST

 

 

5960

Input IGST

3600

10015

4985

Amount Payable i.e SGST only

NIL

NIL

5030

 

Any IGST credit will first be applied to set off  IGST and then CGST.

Balance if any will be applied to setoff SGST.

So out of total input IGST of Rs. 18,600, firstly it will be completely setoff against IGST i.e. 3600. Then balance Rs.15,000 against CGST i.e. Rs. 10015 and remaining Balance of Rs. 4985 against SGST

From the total Output GST Rs.35,550, only Output SGST of  Rs. 5030 is payable.

So the Set-Off Entries will be -

1.         Setoff against CGST Output

            Output CGST A/c  Dr. ………                                    15975

                        To        Input CGST       A/c                                                       5960

                        To        Input IGST         A/c                                                       10015

2.         Setoff against SGST Output

            Output SGST A/c  Dr. ………                             15975

                        To        Input SGST       A/c                                                       5960

                        To        Input IGST         A/c                                                       4985

                        To        Output SGST Payable   A/c                                          5030

3.         Setoff against IGST Output

            Output IGST A/c  Dr. ………                               3600

                        To        Input IGST         A/c                                                       3600

4.         Final Payment of Output SGST Payable of Rs. 5030

            Output SGST Payable A/c  Dr. ………                5030

                        To        Bank                 A/c                                                       5030

 
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