What is Treatment of GST Credit

Last updated at Dec. 16, 2024 by

GST Credit of One Month is added to input of Next Month

Lets understand this with the help of an example

 

 

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GST Credit is Added to Input of Next Month JANUARY Purchase-20000 IGST 1000 Total 21000 Sales-18000 IGST-900 Total-18900 OUTPUT-900 INPUT-1000 GST Payable GST Credit 100 FEBRUARY Purchase-30000 IGST-1500 Total-31500 Sales-40000 IGST-2000 Total-42000 Output-2000 Input 1500 ADD OPENING CREDIT=100 TOTAL INPUT 1600 GST Payable 400

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CA Maninder Singh

CA Maninder Singh is a Chartered Accountant for the past 14 years. He also provides Accounts Tax GST Training in Delhi, Kerala and online.