Question

112) On 1" October 2017. Chaitanya itd. assigns a building construction contract to Aditya Ltd The contractor provide material and labor on its own. The construction work must be completed within timelitas speed in the contract. The contract price was agreed at Rs. 200,00.000 excluding GST. The payment schedule is a follows: Instalment 1 instalment 2 Instalment 3 instalment 4 Instalment 5 2090 payable 3096 is payable 3596 is payable 105 is payable 05X is payable Within 5 days from signing of contract On casting of first floor On Casting of second floor On completion of flooring Stone work, wooden work, Electrical Fittings On completion of building Casting of first floor and second floor is completed on 18 October 2017 and 24 November 2017 respectively Flooring Stone etc are completed on 24 March 2018. The whole building construction was completed on 25 May 2018. You are required to suggest when should the tax invoice be issued by supplier of the services in accordance with the CGST Rules (05)

page 2 and 3 are the one question

Answer 1

	Journal entries in the books of M/s. Viha ltd
S.no	Particulars	Debit(Rs/-)	Credit(Rs/-)
1	Purchases A/c Dr	10,00,000
	CGST input A/c Dr (1180000*9/118)	90,000
	SGST input A/c Dr (1180000*9/118)	90,000
	To Bank A/c		11,80,000
2	Purchases A/c Dr	5,00,000
	IGST input A/c Dr (590000*18/118)	90,000
	To Bank A/c		5,90,000
3	Purchases A/c Dr	2,00,000
	IGST input A/c Dr (200000*5/100)	10,000
	To Bank A/c		2,10,000
4	Purchases A/c Dr	4,00,000
	CGST input A/c Dr (400000*2.5/100)	10,000
	SGST input A/c Dr (400000*2.5/100)	10,000
	To Bank A/c		4,20,000
5	Purchases A/c Dr	5,25,000
	To Bank A/c		5,25,000
6	Laptop A/c Dr	50,000
	CGST input A/c Dr (64000*14/128)	7,000
	SGST input A/c Dr (64000*14/128)	7,000
	To Bank A/c		64,000
7	Bank A/c Dr	5,90,000
	To Sales A/c		5,00,000
	To IGST OutputA/c (500000*18/100)		90,000
8	Bank A/c Dr	1,05,000
	To Sales A/c		1,00,000
	To IGSTOutput A/c (100000*5/100)		5,000
9	Bank A/c Dr	14,16,000
	To Sales A/c		12,00,000
	To CGST Output A/c (120000*9/100)		1,08,000
	To SGST Output A/c (120000*9/100)		1,08,000
10	Bank A/c Dr	5,25,000
	To Sales A/c		5,00,000
	To CGST Output A/c (500000*2.5/100)		12,500
	To SGST Output A/c (500000*2.5/100)		12,500
11	CGST Output A/c Dr (108000+12500)	1,20,500
	SGST Output A/c Dr (108000+12500)	1,20,500
	IGST Output A/c Dr (90000+5000)	95,000
	To GST Payable A/c		3,36,000
12	GST Payable A/c Dr	3,36,000
	To IGST Input A/c (90000+10000)		1,00,000
	To CGST Input A/c (90000+10000+7000)		1,07,000
	To SGST Input A/c (90000+10000+7000)		1,07,000
	To Bank A/c		22,000

Dr			Cr		Dr			Cr		Dr			Cr
CGST Input A/c					CGST Output A/c					GST Payable A/c
To bank A/c	90000	By GST Payable a/c	107000		To GST Payable A/c	120500	By Bank A/c	108000		To CGST Input A/c	107000	By CGST Output A/c	120500
To bank A/c	10000						By Bank A/c	12500		To SGST Input A/c	107000	By SGST Output A/c	120500
To bank A/c	7000									To IGST Input A/c	100000	By IGST Output A/c	95000
										To Bank A/c	22000
	107000		107000			120500		120500
											336000		336000
Dr			Cr
SGST Input A/c					Dr			Cr
To bank A/c	90000	By GST Payable a/c	107000		SGST Output A/c
To bank A/c	10000				To GST Payable A/c	120500	By Bank A/c	108000
To bank A/c	7000						By Bank A/c	12500
	107000		107000			120500		120500
Dr			Cr		Dr			Cr
IGST Input A/c					IGST Output A/c
To bank A/c	90000	By GST Payable a/c	100000		To GST Payable A/c	95000	By Bank A/c	90000
To bank A/c	10000						By Bank A/c	5000
	100000		100000			95000		95000

Final Tax payable
Type of Tax	Liability	Credit available	Set off liability	Balance to be paid in cash	Balance credit available
IGST	95000	100000	95000(From IGST)	0	0
CGST	120500	107000	107000 (From CGST) 5000(From IGST)	13500	0
SGTS	120500	107000	107000 (From SGST)	8500	0
				22000