Journal Vouchers in GST

Decrease of Tax Liability

Adjustment Against Credit

Explained in Recording Journal Vouchers for Adjustments Against Tax Credit under GST

Cancellation of Advance Payments under Reverse Charge

Debit - Central and state tax or integrated tax, and cess ledgers.

Credit - Expenses or current assets ledger.

Cancellation of Advance Receipts

Debit - Central and state tax or integrated tax, and cess ledgers.

Credit - Expenses or current assets ledger.

Cancellation of Advance Receipts for Exports/SEZ sales

Debit - Integrated tax and cess ledgers.

Credit - Expenses/current assets ledger.

Purchase against Advance Payment

Debit - Central and state tax or integrated tax, and cess ledgers.

Credit - Expenses or current assets ledger.

Sales against Advance Receipts

Debit - Integrated tax and cess ledgers.

Credit - Expenses/current assets ledger.

Sales against Advance Receipts for Export/SEZ sales

Debit - Integrated tax and cess ledgers.

Credit - Expenses/current assets ledger.

Increase of Input Tax Credit

Import of Capital Goods

Debit - Central and state tax or integrated tax, and cess ledgers.

Credit - Current assets ledger.

Import of Goods

Debit - Central and state tax or integrated tax, and cess ledgers.

Credit - Current assets ledger.

Import of services

Debit - Integrated tax and cess ledgers.

Credit - Current assets ledger.

ISD Transfer

Debit - Central and state tax or integrated tax, and cess ledgers.

Credit - Party ledger.

Others

Debit - Central and state tax or integrated tax, and cess ledgers.

Credit - Expenses/current assets ledger.

Purchase from SEZ

Debit - Central and state tax or integrated tax, and cess ledgers.

Credit - Expenses/current assets ledger.

Purchase from Unregistered dealer

Debit - Central and state tax or integrated tax, and cess ledgers.

Credit - Expenses or current assets ledger.

Purchase under reverse charge

Debit - Central and state tax or integrated tax, and cess ledgers.

Credit - Expenses or current assets ledger.

Re-claim of reversal ITC (on account of buyer payment)

Debit - Central and state tax or integrated tax, and cess ledgers.

Credit - Expenses or current assets ledger.

Re-claim of reversal ITC - Rule 42 (2)(b)

Debit - Central and state tax or integrated tax, and cess ledgers.

Credit - Expenses or current assets ledger.

TCS Adjustment

Debit - Central and state tax or integrated tax, and cess ledgers.

Credit - Current assets ledger.

TDS Adjustment

Debit - Central and state tax or integrated tax, and cess ledgers.

Credit - Current assets ledger.

Transitional Credit

Explained in Recording a Journal Voucher for Transitional Credit under GST

Increase of Tax Liability

Advance Receipts for Export/SEZ sales

Debit - Expenses or current assets ledger.

Credit - Integrated tax and cess ledgers.

Advances Paid under Reverse Charge

Debit - Expenses or current assets ledger.

Credit - Central and state tax or integrated tax, and cess ledgers.

Import of Capital Goods

Debit - Current assets ledger.

Credit - Central and state tax or integrated tax, and cess ledgers.

Import of Goods

Debit - Current assets ledger.

Credit - Central and state tax or integrated tax, and cess ledgers.

Import of services

Debit - Current assets ledger.

Credit - Integrated tax and cess ledgers.

Interest

Debit - Expenses or party ledger.

Credit - Central and state tax or integrated tax, and cess ledgers.

Late Fees

Debit - Expenses or party ledger.

Credit - Central and state tax or integrated tax, and cess ledgers.

On Account of Advance Receipts

Debit - Expenses or current assets ledger.

Credit - Central and state tax or integrated tax, and cess ledgers.

Others

Debit - Expenses or party ledger.

Credit - Central and state tax or integrated tax, and cess ledgers.

Penalty

Debit - Expenses or party ledger.

Credit - Central and state tax or integrated tax, and cess ledgers.

Purchase from Unregistered dealer

Debit - Expenses or current assets ledger.

Credit - Central and state tax or integrated tax, and cess ledgers.

Purchase under reverse charge

Debit - Expenses/current assets ledger.

Credit - Central and state tax or integrated tax, and cess ledgers.

Increase of Tax Liability & Input Tax Credit

Import of Services

Debit - Central and state tax or integrated tax, and cess ledgers.

Credit - Central and state tax or integrated tax, and cess ledgers.

Purchase from Unregistered dealer

Debit - Central and state tax or integrated tax, and cess ledgers.

Credit - Central and state tax or integrated tax, and cess ledgers.

Purchase under reverse charge

Debit - Central and state tax or integrated tax, and cess ledgers.

Credit - Central and state tax or integrated tax, and cess ledgers.

Opening Balance

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Procedure is explained in Transferring Tax Credits of VAT, excise and service tax to GST

Refund

Not Applicable

Debit - Bank ledger

Credit - Central and state tax or integrated tax, and cess ledgers, or current assets ledger

Interest

Debit - Bank ledger

Credit - Central and state tax or integrated tax, and cess ledgers, or current assets ledger

Late Fees

Debit - Bank ledger

Credit - Central and state tax or integrated tax, and cess ledgers, or current assets ledger

Others

Debit - Bank ledger

Credit - Central and state tax or integrated tax, and cess ledgers, or current assets ledger

Penalty

Debit - Bank ledger

Credit - Central and state tax or integrated tax, and cess ledgers, or current assets ledger

Reversal of Input Tax Credit

Not Applicable

Debit - Expenses or party ledger.

Credit - Central and state tax or integrated tax, and cess ledgers.

Capital credit  due to exempted supplies - Rule 43(1) (h)

Debit - Expenses or current assets ledger.

Credit - Central and state tax or integrated tax, and cess ledgers.

Exempt and non-business supplies - Rule 42(1)(m)

Debit - Expenses or current assets ledger.

Credit - Central and state tax or integrated tax, and cess ledgers.

Import of services

Debit - Expenses or current assets ledger.

Credit - Central and state tax or integrated tax, and cess ledgers.

Ineligible credit

Debit - Expenses or current assets ledger.

Credit - Central and state tax or integrated tax, and cess ledgers.

ISD credit note - Rule 39(1)(j)(ii)

Debit - Expenses or current assets ledger.

Credit - Central and state tax or integrated tax, and cess ledgers.

Non payment to the buyer - Rule 37 (2)

Debit - Expenses or current assets ledger.

Credit - Central and state tax or integrated tax, and cess ledgers.

On account of claiming more - Rule 42 (2)(a)

Debit - Expenses or current assets ledger.

Credit - Central and state tax or integrated tax, and cess ledgers.

Others

Debit - Expenses or current assets ledger.

Credit - Central and state tax or integrated tax, and cess ledgers.

Purchase from Unregistered dealer

Debit - Expenses or current assets ledger.

Credit - Central and state tax or integrated tax, and cess ledgers.

Purchase under reverse charge

Debit - Expenses or current assets ledger.

Credit - Central and state tax or integrated tax, and cess ledgers.

Reversal of Tax Liability

Import of Services

Debit - Central and state tax or integrated tax, and cess ledgers.

Credit - Expenses or current assets ledger.

Purchase from Unregistered dealer

Debit - Central and state tax or integrated tax, and cess ledgers.

Credit - Expenses or current assets ledger.

Purchase under reverse charge

Debit - Central and state tax or integrated tax, and cess ledgers.

Credit - Expenses or current assets ledger.