Page Name: GST Credit Adj. Jnl<br /><br />Ques 1: What is GST Credit Adjustment?<br />Ans: GST Credit Adjustment Journal can be posted as Reversal of Availment after posting GST Adjustment Journal for Type Credit Availment. Permanent Reversal is not applicable for reverse charge transactions. <br />The Credit Adjustment for Reverse Charge transactions can be executed only for GST Group Type as 'Service'.<br /><br />Ques 2: What is GST Credit?<br />Ans: If we are manufacturers, and<br />(i) Tax payable on output (FINAL PRODUCT) is Rs 450 <br />(ii) Tax paid on input (PURCHASES) is Rs 300<br />(iii) We can claim INPUT CREDIT of Rs 300 and you only need to deposit Rs 150 in taxes.
