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As GST has subsumed all the indirect taxes which is now “One Nation, One Tax Regime. However, there will be challenges which will be faced initially as Good & Service Tax implementation will bring much clarity in the areas of business. In this blog, we are going to discuss Accounting Entries Under GST.
Table of Contents
Under previous scenario below mentioned accounts related to indirect accounts were to be prepared by a business enterprise:
Under GST all the indirect taxes (Service tax, Vat and Excise) will be merged and maintained under one account which will benefit for availing input credit at all levels.
Following are the accounting ledgers which are required to be maintained by the assessee under GST:
Total Input and Output Taxes
Please note that there are some rules and regulations for claiming input tax credit
A person registered under Composition Scheme is not allowed to take input tax credit and also are not allowed to charge Goods & Service Tax from the customer.
Thus they are not required to maintain accounts for input and output GST.
Accounting entries for Composition Dealers
With the introduction of new GST regime, different taxes have been subsumed therefore the number of accounts to be created has reduced significantly. In case you seek to know more on GST related laws, contact Enterslice.
Read our article:
GST on work contracts and implication in the Oil & Gas Sector
Ashish M. Shaji has done his graduation in law (BA. LLB) from CCS University. He has keen interests in doing extensive research and writing on legal subjects especially on corporate law. He is a creative thinker and has a great interest in exploring legal subjects.
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