18 - Purchase Gst Entrypdf -

These are Assets (Current Assets). Since you can offset this tax against your future sales tax, it is not an expense.

This is the total invoice value you owe the supplier. Important Checklist

If you tell me which you use (like Tally, QuickBooks, or SAP), I can provide the specific navigation steps for that system. 18 - Purchase GST Entrypdf

📍 Always reconcile these entries with your GSTR-2B statement before filing your monthly returns to ensure the supplier has uploaded the invoice.

If the supplier is from a different state, replace CGST/SGST with IGST (18%) . Tax Calculation Formula Base Amount: Total Invoice Value / (1 + Tax Rate) GST Amount: Base Amount × 18% CGST/SGST: GST Amount ÷ 2 These are Assets (Current Assets)

This represents the base value of the goods (tax-exclusive).

ITC must be claimed within the statutory time limits. Important Checklist If you tell me which you

You must have the supplier’s valid GST number to claim the Input Tax Credit (ITC).