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GST Accounting with ledgers and double entry system

With Goods and Services Tax law there will be changes in way you account your business transactions and maintain tax records. One benefit every tax payer will have is availability of Electronic tax ledger at GST portal. Your accounting data should match the details available at GST portal. Acc... Click to read full article

Pulkit Sharma 03/06/2017 under GST-Accounting , GST-Rules , GST-Documentation

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GST Reverse Charge mechanism and rules with accounting entries

Reverse charging mechanism a procedural way of discharging tax liabilities and formalities by buyer of services or goods or both instead of seller. For example, a transaction will be considered as reverse charge if tax is payable by buyer instead of seller. GST reverse charging provisions a... Click to read full article

Pulkit Sharma 01/06/2017 under GST-Registration , GST-Rules , GST-compliance , GST-RCM , GST-Accounting

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Accounts, records and audit under GST

Every registered person is required to keep accounting books up to 72 months the due date of filing annual return for a particular year. For example, for the financial year 2017-18, accounting records must be kept up to December, 2024. Reason being 72 months from due date of filing the annual ... Click to read full article

Pulkit Sharma 26/04/2017 under GST-Accounting , GST-Guide , GST-Records , GST-Audit