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.

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

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)

You must have the supplier’s valid GST number to claim the Input Tax Credit (ITC). 18 - Purchase GST Entrypdf

To record an intra-state purchase (GST within the same state) in your accounting system, follow this guide for a standard 18% GST entry.