Accountanting entries

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Atul Nagarkar (Querist)
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17 October 2022 I want to know about sales d purchase accounting entries with gst .

If any gst on any service. How to do entries with gst.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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18 October 2022 Whether you are composition dealer or regular dealer?

Atul Nagarkar

Atul Nagarkar (Querist)
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18 October 2022 For both composition and regular

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Atul Nagarkar

Atul Nagarkar (Querist)
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18 October 2022 I want to know about basic accounting entries for any service sector also.
Payment received entry

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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18 October 2022 Generally GST is collected from purchaser on behalf of government, and the same is paid back after claim of ITC.
So, for Regular dealer ... when it is paid to any vendor/creditor
Dr. Vendor/creditor
Dr. GST
Cr. Bank/cash

While any invoice is raised for supply...
Cr. Service rendered
Cr. GST
Dr. Debtor/ bank/cash...