0How to Pass Entries under GST Regime:
Under the new GST Regime all these taxes (excise, VAT, CST, Service tax, Entry Tax) will get subsumed into one account and assesse will get benefit of setting of and availing Input credit at all levels.
Following are the accounting ledgers which needs to be maintained by assesse for recording in books of accounts apart from Purchase, Sales and other ledgers.
- Input CGST A/C
- Output CGST A/C
- Input SGST A/C
- Output SGST A/C
- Input IGST A/C
- Output IGST A/C
- Electronic Cash Ledger (Government GST portal to pay GST)
The Accounting entries can be divided into two Parts: One is Intra State (within State) and other is Inter State (other State).
