Financials for India - EBS (MOSC)

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TAX Accounting in GL for Return to Vendor scenario

edited Jun 12, 2017 2:54PM in Financials for India - EBS (MOSC) 1 commentAnswered

Hi,

Can anyone please provide the TAX Accounting in case of Return to Vendor. Please provide the steps for say IGST while receiving, Claiming and then return to vendor. It seems we are bit confused on this.

Please find the accounting for TAX. Let us know if this is fine or any deviation is there.

PO
  Receiving(Direct Delivery)		DrCr
IGST Interim Recovery
  (A)
Inventory AP Accrual
  (L)
After Claim
IGST Recovery (A)
IGST Interim Recovery
  (A)
After RTV
Inventory AP Accrual
  (L)
IGST  Liability Account
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