For PURCHASE & PAYMENT :
For Transaction 1 : GST paid to party on assessable value of Rs.4,000 @ 18 % GST is Rs. 720
For Transaction 2 : GST paid to Party on the assessable Value of Rs. 40,000 @ 28% GST is Rs. 11,200
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]
Total of Input GST [ IGST, SGST & CGST]
For SALES :
For Transaction 6 : GST received from Party on assessable value of Rs. 7,500 @ 18% GST Rs. 1350
For Transaction 7 : GST received from Party on assessable value of Rs. 45,000 @ 28 % GST Rs. 12600
For Transaction 8 : GST received on the assessable Value of Rs. 1,00,000 @ 18% GST is Rs. 18,000.
For Transaction 9 : IGST received on the assessable Value of Rs. 30,000 @ 12% IGST is Rs.3600 for sale outside State.
Total Output GST [ IGST, SGST & CGST]
TABLE OF GST ADJUSTMENT :
Output GST Liability
Less : Input GST Credit
Amount Payable i.e SGST only
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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