Reversal of GST Input Tax Credit (ITC)

Last updated on September 25th, 2017 at 02:50 pm

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Pugal T & Yarab A

One Comment

  • Hello sir/Madam,
    while Recording reverse of Input Tax Credit.
    while giving back the credit to current Asset. we will pass the following journal
    Increase of input tax credit and purchase from unregistered Dealer and we will be
    selecting for eg
    Dr. CGST Rs 140.00
    Dr. SGST Rs 140.00
    CR. Current Asset Rs 280.00
    after passing this entry if you check
    display Day book for this particular entry
    you find only Rs140.00 and not Rs 280.00
    for this transaction.

    kindly check and Confirm

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