Adjustment of Input of Central Purchases with Local Sales
Last updated at Dec. 16, 2024 by Teachoo
Currently there is no Input of Central Purchases
|
A LTD
|
C LTD
|
|
Purchase
|
20000
|
Purchase
|
120000
|
|
Vat 5%
|
1000
|
Cst 2%
|
2400
|
|
|
21000
|
|
122400
|
|
XLTD
|
Z LTD
|
|
Sale
|
140000
|
Sale
|
30000
|
|
vat 5%
|
7000
|
Cst 2%
|
600
|
|
|
147000
|
|
30600
|
What is vat and cst payable?
|
|
|
|
|
|
Vat Computation
|
|
CST Computation
|
|
Output Vat
|
7000
|
Output CST
|
600
|
|
Input Vat
|
1000
|
|
|
|
Vat Payable
|
6000
|
CST Payable
|
600
|
In Future
On Central Purchases,IGST Will be Charged which can be adjusted in this order
1. IGST on Sales
2.CGST on Sales
3.SGST on Sales
|
PARTICULARS
|
AMOUNT
|
PARTICULARS
|
AMOUNT
|
|
PURCHASES
|
20000
|
PURCHASES
|
120000
|
|
CENTRAL GST 12.5%
|
2500
|
IGST 17.5%
|
21000
|
|
STATE GST 5%
|
1000
|
GRAND TOTAL
|
141000
|
|
Sales Bill
|
|
Sales Bill
|
|
|
PARTICULARS
|
AMOUNT
|
PARTICULARS
|
AMOUNT
|
|
SALES
|
140000
|
SALES
|
30000
|
|
CENTRAL GST 12.5%
|
17500
|
IGST 17.5%
|
5250
|
|
STATE GST 5%
|
7000
|
GRAND TOTAL
|
35250
|
|
GRAND TOTAL
|
164500
|
|
|
|
PARTICULARS
|
CENTRAL GST
|
STATE GST
|
IGST
|
TOTAL GST
|
|
OUTPUT GST
|
17500
|
7000
|
5250
|
29750
|
|
LESS
|
|
|
|
|
|
INPUT GST
|
2500
|
1000
|
21000
|
24500
|
|
GST PAYABLE/(CREDIT)
|
15000
|
6000
|
-15750
|
5250
|
This GST CREDIT OF 15750 can be adjusted with Central GST first of 15000 and remaining with State GST as shown below
|
PARTICULARS
|
CENTRAL GST
|
STATE GST
|
|
GST PAYABLE
|
15000
|
6000
|
|
Less
|
|
|
|
ADJUST WITH IGST
|
15000
|
750
|
|
BALANCE PAYABLE
|
0
|
5250
|
REMARKS
Input of CST is now available which is a good step and less tax is payable in this case
However,Adjustment is a little complicated and 3 different returns are to be filled in this case
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