GST sales entry

                 sales entry of gst

 

tax under gst(goods and service tax)

• CGST(Centeral Goods and Serive Tax)
• SGST(State Goods and Service Tax)
• IGST(Inter state Goods and Sevice Tax)

Accounting Entry under Gst

How to pass accounting entries in GST:-

GST entries in tally can be understand through the example.

Example 1: Intra-state

Example:- Mr. Ram sold goods to Rohit for Rs. 80000/- locally. Suppose the rate of CGST @8% and SGST@8% in the particular goods.

The entries will be-

The sales entry will be.

sales Entry:-

1.    Ram sold Goods to rohit Rs. 80000/-    

  The following entry we will do in Journal voucher i.e- F7

1	Rohit A/c………………….  Dr.	92800
	To output CGST A/c……………………... Cr.		6400
	To output SGST A/c………………...........Cr.		6400
	To sales…………………………………….Cr.		80000

2.    Machine sold for Rs. 13000/- to Priya and comp CGST and IGST @8%.

2	Priya and comp A/c……………………. Dr.	15080
	To machine A/c……………………..…………. Cr.		13000
	To output SGST A/c………………...................Cr		1040
	To output CGST A/c..…………..………………Cr.		1040

 output CGST- Central Goods and service tax. Input CGST we made the entry because we receive the tax to the dealer/comp and now it is our responsibility to paid tax to the central government.

output SGST:- State Goods and service tax. We collect the state tax and paid to the state government.

Sold Goods to another state:-

Example- a Company which is situated in Delhi sold Furniture to Gujarat, Rs. 130000/- From the comp. XY ltd. The rate of IGST will be 18%.

2	Xy. ltd……….……………………. Dr.	153400
	To furniture A/c………………………….Cr.		130000
	To output IGST A/c…………………….Cr.		23400

Output IGST:- Integrated Goods and Services Tax. The total tax go to the centeral Government. 

1. Total output CGST=1040+6400=7440/-

2. Total output SGST=1040+6400=7440/-

3. Total Output IGST=23400=23400/-

Sales Entry Without GST (Goods And Service Tax)

Case 1:- When the Goods purchase on credit(Payment will be after some time)
Example:- Raj Sold furniture to Mr. X for Rs. 25000/-. 
Tally ledger 
Mr. X (Sundry debtors)
Furniture (Fixed Assets)

Journal Entry in Tally

3	Mr. X                                           Dr.	250000
	To Furniture A/c                                           Cr.		250000

Receipt Entry Will be:-

4	Bank  A/c                                                   Dr.	250000
	To Mr. X                                                           Cr.		250000

Case 2:- If the sales will be in cash. then the entry will be

5	cash                                               Dr.	250000
	To Sales                                                  Cr.		250000