TAX Accounting in GL for Return to Vendor scenario
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) | Dr | Cr |
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 |