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

More Under Goods and Services Tax

Posted Under

Category : Goods and Services Tax (5331)
Type : Articles (14962) Featured (4125)
Tags : goods and services tax (3878) GST (3470)

Leave a Reply

Your email address will not be published. Required fields are marked *