GST Accounting of Transactions, GST Accounts & Records Rules
GST Accounting of Transactions, GST Accounts & Records Rules. GST Accounting Entries, Every registered person shall keep and maintain, at his principal.||GST Accounting of Transactions, GST Accounts & Records Rules. GST Accounting Entries, Every registered person shall keep and maintain, at his principal.||GST Accounting of Transactions, GST Accounts & Records Rules. GST Accounting Entries, Every registered person shall keep and maintain, at his principal.||GST Accounting of Transactions, GST Accounts & Records Rules. GST Accounting Entries, Every registered person shall keep and maintain, at his principal.||GST Accounting of Transactions, GST Accounts & Records Rules. GST Accounting Entries, Every registered person shall keep and maintain, at his principal.||GST Accounting of Transactions, GST Accounts & Records Rules. GST Accounting Entries, Every registered person shall keep and maintain, at his principal.||GST Accounting of Transactions, GST Accounts & Records Rules. GST Accounting Entries, Every registered person shall keep and maintain, at his principal.||GST Accounting of Transactions, GST Accounts & Records Rules. GST Accounting Entries, Every registered person shall keep and maintain, at his principal.

- Production or manufacture of goods;
- Inward supply of goods or services or both;
- Outward supply of goods and/or services or both
- Stock of goods;
- Input tax credit availed;
- Output tax payable and paid; and
- Such other particulars as may be prescribed in this behalf.
Accounting structure for Tax on input credits of goods and services.

Accounting structure for Tax liability on the outward movement of goods & Services.


- Invoice system need to have flexibility to capture transaction as per above structure.
- Movement of goods is of importance in case of billing and delivery address is different
- Customer accounts to capture GSTIN and state code of each delivery location of customer and vendors.
- HSN Code / SAC codes to be mapped for each of the product received/supplied for seamless input credit and discharge of tax liability
- GST is payable on advance received which is applied against supply made/to be made.
- Receipt voucher is to be generated for such advance received.
- If no supply is made against advance received, refund voucher is to be generated.
- If tax is payable on reverses charge basis, issue an invoice in respect of goods or services received by him from the supplier who is not registered on the date of receipt.
- Issue a payment voucher at the time of making payment to the supplier of point 4.
- Reversal of ITC in case of no payments against supplies received within 180 days from invoice date, credit can be taken again after making payments.
- Appropriate GST is applicable on all Debits Notes generated.
- For invoices issued to end user (B2C) consolidated entries can be done into return.
GST Accounting of Transactions
(ii) In case of multiple places of business (as specified in the certificate of registration), the accounts relating to each place of business shall be kept at the respective places of business concerned. Hence, all records are to be maintained at each place of business. (iii) Registered assesse may keep and maintain such accounts and other particulars in the electronic form in such manner as may be prescribed. (iv) The Commissioner is vested with powers to notify a class of taxable persons to maintain additional accounts or documents for specified purpose. (v) In case the Commissioner considers that any class of taxable persons are not in a position to keep and maintain accounts in accordance with this section, he can, for reasons to be recorded in writing, permit such class of taxable persons to maintain accounts in any other manner.Advertisement