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.

These are Assets (Current Assets). Since you can offset this tax against your future sales tax, it is not an expense. 18 - Purchase GST Entrypdf

This represents the base value of the goods (tax-exclusive). 📍 Always reconcile these entries with your GSTR-2B

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 18 - Purchase GST Entrypdf

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

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