Jaihind Maurya
Person required to maintain the record
Every registered person under GST Law is required to maintain accounts & records in Manual or Electronic form.
Place of maintenance of accounts & record.
When place of business is one- To be Maintain at a place of business which is mentioned in registration certificate.
When place of business is more than one place- Records to be kept for respective location for business done through such places.
Period of Retention of accounts:-
Record to be kept until the expiry of sixty month from date of Filing of Annual Return for the year pertaining to such accounts & records.
If the party is in dispute with department, shall retain books of account for the period of one year after disposal of such appeal or sixty month whichever is later.
Accounting Prospects
Rule for input tax credit:
| INPUT | SGST | CGST | IGST | Additional Tax* |
| First Priority | SGST | CGST | IGST | NA |
| Second Priority | IGST | IGST | CGST | NA |
| Third Priority | – | – | SGST | NA |
* Input tax credit is not available for Additional Tax.
SGST & CGST
|
Transaction |
Particular |
Debit |
Credit |
|||
| Purchase of goods on credit within state for Rs.1,00,000/-
CGST 10% SGST 10% |
Purchase a/c ………..Dr.
Input CGST………..Dr. Input SGST………..Dr. To Creditor |
1,00,000
10,000 10,000 |
1,20,000 |
|||
| Sales of Goods on credit within state for Rs.1, 50,000/-.
CGST 10% SGST 10% |
Debtors a/c……………Dr.
To Output CGST To Output SGST To Sales |
1,80,000 |
15,000 15,000 1,50,000 |
|||
| Received service within state
Consultancy service -RS.2,000 Telephone services- Rs.3000/- CGST 10% SGST 10% |
Consultancy charges a/c……..Dr.
Telephone charges a/c……..Dr. Input CGST……………………..Dr. Input SGST……………………Dr. To Cash/Bank |
2,000
3,000 5,00 5,00 |
6,000 |
|||
| Purchase of Assets within state for Rs.10,000/-
CGST 10% SGST 10% |
Assets a/c …………..Dr.
Input CGST Input SGST To Cash/Bank |
10,000
1,000 1,000 |
12,000 |
|||
| Working for payment of GST | ||||||
| Particular | Input | Output | To be paid in cash | |||
| CGST | 11,500 | 15,000 | 3,500 | |||
| SGST | 11,500 | 15,000 | 3,500 | |||
| Payment of CGST | Output CGST a/c………Dr.
To Input CGST To Bank |
15,000
|
11,500 3,500 |
|||
| Payment of SGST | Output SGST a/c………Dr.
To Input SGST To Bank |
15,000
|
11,500 3,500 |
|||
IGST
|
Transaction |
Particular |
Debit |
Credit |
|||
| Purchase of goods on credit state for Rs.1,00,000/-
CGST 10% SGST 10% |
Purchase a/c ………..Dr.
Input CGST………..Dr. Input SGST………..Dr. To Creditor |
1,00,000
10,000 10,000 |
1,20,000 |
|||
| Sales of Goods on credit outside state for Rs.1, 50,000/-.
IGST 20% Additional Tax 1% |
Debtors a/c……………Dr.
To Output IGST To Additonal Tax To Sales |
1,81,500 |
30,000 1,500 1,50,000 |
|||
| Received service within state
Consultancy service -RS.2000 Telephone services- Rs.3000/- CGST 10% SGST 10% |
Consultancy charges a/c……..Dr.
Telephone charges a/c……..Dr. Input CGST……………………..Dr. Input SGST……………………Dr. To Cash/Bank |
2,000
3,000 5,00 5,00 |
6,000 |
|||
| Purchase of Assets outside state for Rs.10,000/-
IGST 20% Additional Tax 1% |
Assets a/c ……………………Dr.
Input IGST…………………Dr. Additional Tax…………Dr. To Cash/Bank |
10,000
2,000 1,00 |
12,100 |
|||
|
Working of payment of GST |
||||||
|
Particular |
Input |
Output |
To be paid in cash |
|||
|
CGST |
10,500 |
– |
(10,500) |
|||
|
SGST |
10,500 |
– |
(10,500) |
|||
|
IGST |
2,000 |
30,000 |
IGST Output-Input IGST-Input CGST-Input SGST= 7,000 |
|||
|
Additional Tax |
– |
1,500 |
1,500 |
|||
| Payment of GST | Output IGST a/c………Dr.
To Input IGST To Input CGST To Input SGST To Bank |
30,000
|
2,000 10,500 10,500 7,000 |
|||
(Author can be reached at vjgroupco@gmail.com)
GSTR 3B PDF Download
