This is the total invoice value you owe the supplier. Important Checklist
You must have the supplier’s valid GST number to claim the Input Tax Credit (ITC).
Ensure the correct code is mentioned to justify the 18% rate. 18 - Purchase GST Entrypdf
If you tell me which you use (like Tally, QuickBooks, or SAP), I can provide the specific navigation steps for that system.
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
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
ITC must be claimed within the statutory time limits. If you tell me which you use (like
This represents the base value of the goods (tax-exclusive).