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Rishi
Level 1
posted
‎September 26, 2019 04:14 PM
last updated ‎October 05, 2020 8:31 PM

IN : how to pass deferred tax adjustment ?

I want to know how do we pass the journal entry when there is  deferred tax is there for the month and how do we find that there is a deferred

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Best answer September 26, 2019
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IntuitAsma
Level 2
‎September 26, 2019 04:14 PM

IN : how to pass deferred tax adjustment ?

Hi, 

You need to create journal entry from plus icon. Please select the accounts mentioned below:

Deferred GST Input Credit           Dr. XXXX

Input CGST                                                  Cr. XXXX

Input SGST                                                  Cr. XXXX

For any further clarification, reach us on the https://help.quickbooks.intuit.com/en_IN/contact

Thanks

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7 Comments 7
IntuitAsma
Level 2
‎September 26, 2019 04:14 PM

IN : how to pass deferred tax adjustment ?

Hi, 

You need to create journal entry from plus icon. Please select the accounts mentioned below:

Deferred GST Input Credit           Dr. XXXX

Input CGST                                                  Cr. XXXX

Input SGST                                                  Cr. XXXX

For any further clarification, reach us on the https://help.quickbooks.intuit.com/en_IN/contact

Thanks

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jd2021
Level 2
‎October 18, 2019 06:26 AM

IN : how to pass deferred tax adjustment ?

What can be the difference if I use individual GST categories instead of "Input Credit"

Like "Deferred IGST", "Deferred SGST", "Deferred IGST" ?

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IntuitArun
QuickBooks Team
QuickBooks Team
‎October 20, 2019 08:24 PM

IN : how to pass deferred tax adjustment ?

Hi jd4u, thank you for your reply. Yes, that is correct. Please select 'Deferred IGST, Deferred SGST and Deferred CGST desperately to use this credit next month.

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jd2021
Level 2
‎October 21, 2019 01:08 AM

IN : how to pass deferred tax adjustment ?

I was looking for difference between using "Deferred GST Input Credit" vs "Deferred IGST/CGST/SGST".....

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IntuitArun
QuickBooks Team
QuickBooks Team
‎October 21, 2019 01:33 AM

IN : how to pass deferred tax adjustment ?

Hi jd4u, thank you for your reply. If you use the account ''Deferred GST Input Credit". the amount will be in one account. When you select 'Deferred IGST/CGST/SGST", amount will be segregated to individual accounts. 

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schematter
Level 1
‎May 16, 2020 04:06 AM

IN : how to pass deferred tax adjustment ?

Hi there, thanks for your suggestion.  I followed the steps shown by you.  While the amount reflects in the Deferred GST account, it still shows up in the GSTR3B Report.

 

I need a solution for i not to appear in the GSTR3B report

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asha_kanta_sharma
Level 6
‎July 03, 2020 07:04 AM

IN : how to pass deferred tax adjustment ?

I think you may group them as "Current Assets" Category instead of "Duties & Taxes"

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