Accounting of GST Paid or Received in the books of account

Accounts 191 views 1 replies

frank

owner

131 Points Joined April 2012

Dear All,

Please advise how do I create account heads for GST collected or paid in my books of account.

I am writing accounts for a pharmaceutical company where GST is paid on purchases and collected on sales, I want to account these entries, please advise

Thanks

Replies (1)

Pankaj Rawat

GST Practitioner

55062 Points Joined June 2017

Input tax credit : purchase
output : Sale

INPUT TAX CREDIT. :
CGST Input Tax
SGST Input Tax
IGST Input Tax

OUTPUT TAX :
CGST Output Tax
SGST Output Tax
IGST Output Tax