accounting for gst journal entries
So, all principles following revenue recognition etc. Then balance Rs.8,000 against CGST. Let’s say Raj purchased pens worth Rs. Good Morning, If you are not an HST / GST Registrant, you have two ways to approach this: First option - you include the tax as part of the expense. Further you can also file TDS returns, generate Form-16, use our Tax Calculator software, claim HRA, check refund status and generate rent receipts for Income Tax Filing. Every GSTIN can now access the GST Health Check tool to get the following result in an excel form: Try out the GST health check tool and check your GSTIN’s health now! will be applicable. From the total Rs.40,000, only Rs. The tax liability or positive input tax credit is to be shown as liability or asset in the balance sheet. To Output CGST RCM A/c. Efiling Income Tax Returns(ITR) is made easy with ClearTax platform. 9,360 So for the entries and examples given below such persons has to simply replace UTGST with SGST. Accounting question - Journal entries with GST.? Accounting principles Just upload your form 16, claim your deductions and get your acknowledgment number online. Output CGST RCM A/c There is no defined rule of accounting for GST. Create beautiful invoices in easy to use invoicing application. From the total Rs.40,000, only Rs. So out of total input IGST of Rs. Practice Management Software For CA/Tax Professionals, GST Return Status Bulk Checker for CA/Businesses, GST Payment and Input Tax Credit Calculator, TDS Return – Due Date & Penalty Calculator, Depreciation Calculator As Per Income Tax Act, Depreciation Calculator – Companies Act 2013, HRA Calculator – Monthly & Yearly Calculations, Average Monthly/Quarterly Balance Calculator, rules and restrictions on input tax credit, Persons registered under composition scheme, Pre-validate Bank Account on Income Tax e-Filing Portal, Save Yourself from Clubbing Provisions for the Gifts Made in Cash, Purchase by X from Z who is in same state for Rs. Total CGST output =12,000 If we collect GST from customers, the amount is recorded in a special clearing account called the GST Clearing. Total SGST output =12,000 30,000. Let us consider a few basic business transactions (all amounts excluding GST)-, Total Input CGST=8,000+400+960= Rs. COVID-19 cover with monthly payments, Easy reconciliation of mismatched invoices, 100% Cloud-based | 100% Secure | 100% ITC. One of the biggest advantages X will have is that he can setoff his input tax on service with his output tax on sale. You can also subscribe without commenting. ClearTax serves 2.5+ Million happy customers, 20000+ CAs & tax experts & 10000+ businesses across India. At time of purchasing such goods/ services: Purchase A/c Dr Accounting for Disposal of Fixed Assets. What is the correct journal entry when entering interest/penalty on GST/HST returns? So, all principles following revenue recognition etc. Total output CGST=12,000 NOTE - You may get answer to free queries within 30 working days. Supply outside the state/country will attract only IGST. He writes mainly about GST and Finance. They also can not make inter state sales. Subscribe to our weekly newsletter and get updates in your email. Thanks! GAAP is applicable mandatorily on GST. Every registered taxable person must keep and maintain books of account for five years from the due date of filing of Annual Return for the relevant year. There will be only three accounts under each of them- SGST, CGST, IGST instead of maintaining current excise payable, CENVAT credit, VAT payable, VAT credit, Service tax accounts. GST Accounting Entries in Financial Books under GST (Part-1) Some Accounting Entries in Financial Books under GST : PART-1. will be applicable. Persons registered under composition scheme are not allowed to take input tax credit of tax paid and also not to charge gst from the customer. ClearTax can also help you in getting your business registered for Goods & Services Tax Law. GST Transactions Under the GST system, all documents issued during a transaction must follow the rules and format specified by the government. Manual Bookkeeping Entry for GST/HST Refund. Reduction in raw material cost and other expenses ACCOUNTING DOUBLE ENTRY & GST TAX CODE MAPPING 1 Version 2015 (Training Note Ver2.1) Version 2017 . At the end of a financial year, the taxpayer must reconcile the books of accounts with the GST returns filed across the financial year. Our GST Software helps CAs, tax experts & business to manage returns & invoices in an easy manner. CAs, experts and businesses can get GST ready with ClearTax GST software & certification course. All this will effectively bring down the expenses. Previously, input credit of service tax paid could not be adjusted against output excise/VAT. The transactions are as follows: 1) On 2 July 2005, sold goods for $1000, plus 10% GST, and collected cash $450 from customers at the same time, credit terms for the goods were 2/10,n/30. In each case the accounts receivable journal entries show the debit and credit account together with a brief narrative. 24,000, firstly it will be completely setoff against IGST. GST allows seamless input credits for intrastate and interstate purchases of goods. The goods sold have a cost of $650. Get Trained & Try Cleartax GST Software for FREE. [one_half][button color=”orange” size=”medium” link=”https://www.taxadda.com/e-way-bill-gst/” icon=”fa fa-arrow-circle-right” target=”false”]Previous Chapter – E-way Bill[/button][/one_half][one_half_last][button color=”orange” size=”medium” link=”https://www.taxadda.com/beginners-guide-gst/” icon=”fa fa-book” target=”false”]Beginner’s Guide to GST[/button][/one_half_last], Your email address will not be published. The accounts receivable journal entries below act as a quick reference, and set out the most commonly encountered situations when dealing with the double entry posting of accounts receivable.. But if, amount paid by bank=2,000 (assume any amount higher than payable), Then Balance Left in GST PMT-05 = paid- Payable= 2,000-1,800 = 200/- (extra) and such Balance will be adjusted against GST Payable for the next period Entry for GST Liability adjusted against Electronic Cash Ledger (GST PMT-05) DK Goel Solutions for Class 11 Accountancy Chapter 10 Accounting for Goods and Service Tax (GST), covers all the questions provided in DK Goel Books for 11th Class Accountancy Subject. Accounting Ledger to be created for RCM under GST- Accounting Ledgers and Entries Under GST Regime and How to pass accounting entries under GST with cross utilisation entry ... Utilisation” can also be created to track the GST cross utilisation entries in the system or else you can pass such entries from Journal voucher. Total IGST output =16,000, Any IGST credit will first be applied to set off IGST and then CGST. ***Impact on sales may vary depending on the industry and the GST rates. ... Accounting entries for interstate purchase made. Enter in $10,000 into the Payment amount field; Select Save So out of total input IGST of Rs. Our experts suggest the best funds and you can get high returns by investing directly or through SIP. Let us learn a few basic rules of GST before creating accounting entries for it. A disposal of fixed assets can occur when the asset is scrapped and written off, sold for a profit to give a gain on disposal, or sold for a loss to give a loss on disposal. There will be only three accounts under each of them- SGST, CGST, IGST instead of maintaining current excise payable, CENVAT credit, VAT payable, VAT credit, Service tax accounts. GAAP is applicable mandatorily on GST. Inter state Sale amounting Rs. To Bank A/c 5,00,000, You can easily calculate the ITC admissible between IGST, CGST and SGST and GST payable using our GST ITC and Payment Calculator, Inter State Sales (Sales outside state or union territory), Input CGST = 450 Output SGST RCM A/c is used in place of normal Output SGST A/c to differentiate both taxes as taxes under RCM can not be adjusted against input taxes and has to be paid in cash. Intrastate transaction. All Tax payable and credit receivable will face changes too. Accounting under GST is more simple compared to the erstwhile VAT and excise. Required fields are marked *. It has brought us to the “One nation one tax” regime. On comparing data between books and GST returns, any differences that arise must be adjusted in books or reported in GST returns filed subsequently. Save taxes with ClearTax by investing in tax saving mutual funds (ELSS) online. Duties and taxes (current liabilities) They have to make very simple entries as follows. These solutions for Accounting For Goods & Service Tax Gst are extremely popular among Class 11 Commerce students for Accountancy Accounting For Goods & Service Tax Gst Solutions come handy for quickly completing your homework and preparing for exams. Output IGST = 4,500. 8,000 and GST rate of 18% (CGST@9% & SGST@9%)Purchase A/c Dr 8,000, Sales by X to Y who is in same state for Rs. While the number of accounts is more apparently, once you go through the accounting you will find it is much easier for record keeping. So, try to make separate invoices for your different state’s branches/unit. ClearTax offers a FREE integrated tool for GST registered businesses to track and check their compliance level for GST Returns filed. Class 11 Chapter 10 practical problems solutions are a reference for all the components of accounting /journal entries for GST. These components are Date, Particular, L.F, Debit, Credit. This would be after the year-end adjusting entries from the accountant were posted. Separate accounts had to be maintained for excise, VAT, CST and service tax. There is noconcept of centralized registration under GST. 24,000 is reduced to only Rs.5,280. 1,50,000 in the same state, He paid legal consultation fees Rs. Our Goods & Services Tax course includes tutorial videos, guides and expert assistance to help you in mastering Goods and Services Tax. Entries for Sales and Purchase in GST You are here. In case of purchase of asset or expense, specific account will be debited. Input SGST = 720 + 450 + 270 = 1,440 Also, GST on legal fees can be used for set off against the GST payable on goods sold, which was not possible in current tax regime. With every expense and income, one or more business accounts are affected. When a business has a disposal of fixed assets, the original cost and the accumulated depreciation to the date of disposal must be removed from the accounting records. Period of retention of accounts 9,360, Therefore Net CGST payable=12,000-9,360=2,640, Mr. X purchased goods Rs. Example: 1. Every registered taxable person must keep and maintain books of account for five years from the due date of filing of Annual Return for the relevant year. For a further understanding of accounting under GST, read: Accounting entries for amendments, credit/debit notes and rectification for mismatches. If there had been any input tax credit left it would have been carried forward to the next year. It means passing entries in case our TDS Deducted We know that for Incomes,2 entries are passed When Bill Issued Party Dr To Income When Amount Received Bank DR. To Party Example Suppose Max gives Consultancy Service to ABC OF 40000. Tax payable and credit receivable will face changes too. Check GST return status of your client’s or suppliers using GSTIN. Terms Similar to Sales Journal Entry. For a person to whom ITC is not allowed, accounting entry will be by Angela (Ottawa, Ontario) According to your topic "Recording GST/HST Using Manual Accounting Systems", the information provided is super, except for the last paragraph which leaves me puzzled. Under the GST law, the set-off of input credit … We are liable to the Australian Tax Office to pay 10% of goods and services sold… At the end of a financial year, the taxpayer must reconcile the books of accounts with the GST returns filed across the financial year. For a list of accounts to be maintained please read here. The sales journal entry is: [debit] Accounts receivable for $1,050 [debit] Cost of goods sold for $650 [credit] Revenue for $1,000 [credit] Inventory for $650 [credit] Sales tax liability for $50. Input CGST Ac Dr There will be no impact on the Balance Sheet. Supply within the state will attract both CGST and SGST. A journal is a record which is maintained as a book for accounting purposes. Write a comment below and I will try my best to answer quickly. Set Off of Input Credit Against Out Tax Liability of GST. Notify me of followup comments via e-mail. The same trader X has to then maintain the following accounts (apart from accounts like purchase, sales, stock) –. Total Input SGST=8,000+400+960= Rs. Your email address will not be published. 12,000 (locally). Please note that there are some rules and restrictions on input tax credit and above entries will be made only for those purchases on which ITC is allowed. It's a credit because it increases our liability. © 2020 ‐ Defmacro Software Pvt. Another issue is that you want to decrease the GST paid not increase the amount collected as you will not be able to reconcile your GST collected. Financial transactions are entered by the book-keeper as journal entries whenever a business transaction is made. Please help, I can't find an example or explanation anywhere. Save your team efforts and time. This guide explains the … Download ClearTax App to file returns from your mobile phone. It is not a Journal Entry - Penalties and Interest payable to the CRA should be recorded as a bill from Receiver General and posted to a Penalties/Interest Expense type account. To Creditor A/c 6. 5,000, Purchase by X from Z who is in different state for Rs. These ledgers and entries are created to have better control and ease of reconciling with the books Electronic Registers maintained by GSTN. Service tax cannot be setoff against VAT/CST]. 25,000, Sales by X to B who is in same state for Rs. For eg- GST paid on purchase of motor car is not allowed except for certain persons. However, one must understand and pass accounting entries in the books of accounts regularly. Balance if any will be applied to setoff SGST. 13,280 is payable. Fixed assets on which input tax credit is allowed and taken are to be shown as cost excluding gst. 1,50,000 from outside the State, He purchased an air cooler for his office for Rs. Therefore they are not required to maintain accounts for input and output gst. Intra State Sales (Sales within same state or union territory), Input CGST = 720 + 450 + 270 = 1,440 Here’s a list of the few accounts that business had to maintain under the previous regime(apart from accounts like purchase, sales, stock)-, For example, a trader Mr. X had to maintain the minimum basic accounts –, Under GST all these taxes (excise, VAT, service tax) are subsumed into one account. Scenario under VAT and Excise: Then balance Rs.8,000 against CGST. ClearTax is a product by Defmacro Software Pvt. GAAP is applicable mandatorily on GST. In Sage 50 you would have entered in historical mode those numbers into each G/L account as per the trial balance. Journal Entries Receipt on Advance in GST Time and Supply of Goods and Services → Facebook Whatsapp. Car A/c Dr 5,00,000 They pick up the amount collected/paid from invoices/bills and recieve/spend money. Output CGST = 2,700 Also GST paid on many services like legal consultation, audit fees, engineering consultation etc. 13,280 is payable. Total IGST input =24,000 Ltd. ClearTax offers taxation & financial solutions to individuals, businesses, organizations & chartered accountants in India. Effective cost of fixed assets will come down as input credit will be available on both capital goods and services related to such goods like installation, inspection etc. Accounting Treatment of RCM Transaction; Accounting treatment of RCM liability and tax payment shall be done in following manner :-(a) Identify the nature of expenses (b) Ascertain whether it is a supply of goods or services (c ) Confirm time of tax payment & credit utilization. Don't subscribe Replies to my comments Prateek Agarwal is a Practicing Chartered Accountant from Jaipur and been in practice for more than 7 years. Under GST all these taxes (excise, VAT, service tax) are subsumed into one account. Accounting under GST is more simple compared to the erstwhile VAT and excise. Input SGST = 450 How to pass your accounting entries. 1,00,000 locally (intrastate), He sold them for Rs. Businesses are required to collect 10% GST, or General Services Tax, on all goods and services provided. Related Courses Check status of any number of GSTIN with single click. Thanks. So the setoff entries will be-. 12,000, Total Input SGST=8,000+400+960= Rs. All this will effectively bring down the expenses. 8,000 and GST rate of 18% (CGST@9% & SGST@9%), Sales by X to Y who is in different state for Rs. Therefore they are not required to maintain accounts for input and output gst. 50,000 from a GST-registered dealer within his state. Output SGST RCM A/c The accounting entries for setting off the Tax liabilities with credit is as follows: Output IGST A/c. Total output SGST=12,000 Net SGST payable=12,000-9,360=2,640. 25,000, He paid consultation fees to CA of rs. Impact on Profit and Loss Account and Balance Sheet, All tax accounts are not in the nature of direct/indirect incomes or expenses, therefore there will be no impact on the Profit and Loss account. The Accounts to be maintained by a normal dealer are. can be setoff against output GST. Select GST from the left hand menu ; Select Record Payment from the Actions column of the relevant Lodged BAS ; Select Cash Boost Clearing from the drop down menu. By default, this will be shown on the taxpayer’s GST dashboard. In the Record Journal Entry window (Accounts command centre > Record Journal Entry) you need to: specify at least two accounts that require adjusting You can easily calculate GST amount using our GST Calculator. 9,360 Output SGST = 2,700 Input SGST A/c Dr At BYJU'S, it is available for free download here. Learn about the different accounting entries that need to be passed under GST. Accounting for HST/GST When Not An HST/GST Registrant I have a small company and I don't collect GST. What would be the journal entry for this event: GST collections of $5700 less GST outlays of $1500 were forwarded in cash during the year to the Australian Taxation Office. Therefore Net CGST payable=12,000-9,360=2,640 This will mean reduction in cost of raw materials as input GST can be setoff against the output GST payable on sales. 24,000, firstly it will be completely setoff against IGST. File Income tax returns for free in 7 minutes, Get expert help for tax filing or starting your business, Curated Mutual Funds & plans for tax savings, Complete solution for all your e-invoicing needs, I-T, e-TDS & Audit Software for CAs & Tax Professionals, Employee health plan, incl. To Cash/Bank A/c. The GST Payable is $10,000 and the Cash Boost is $15,000 this means you will a refund of $5000 from the ATO . 4. Total CGST input =400+960=1,360 will be applicable. ABC will give him cheque of 40000 But in case,if TDS is applicable, Max will give bill of 40000 TO ABC Max will receive Accounting GST accurately will not only be need of the business but also to maintain your ranking at GST portal. A sales journal entry is the same as a revenue journal entry. General journal entries are often entered by (or in consultation with) your accounting advisor because they're different to other transactions in AccountEdge. Select client name and username, password will be autofilled. All capital assets are shown at Cost including GST. I would like to get latest GST & Tax updates on, Which GST Return applies to your Business, Use ClearTax GST Offline tool to file Returns, All about GST Audit for taxpayers with Annual turnover above 2 crores, How to Account Entries for Amendments, CDN & Mismatch Rectification, AS 23 – Accounting for Investments in Associates in Consolidated Financial Statements, This page is best viewed in Chrome, Firefox or IE 11. •Technology or software is the backbone of GST •Success or failure of implementation of GST is heavily dependent on technology •GST will create a paradigm shift in how Small Business “runtheir day to day business” •Changes in the Accounting entries that one has follow to comply with GST Law. 2. Accounting under Goods and Service Tax In this section, we will see the major accounting entries to be generated under GST along with the new ledger accounts / Chart of accounts to be created in the accounting software or ERP. Amount is recorded in a special clearing account called the GST system, all documents issued during transaction... Thus maintain UTGST account in lieu of SGST account GST all these taxes ( excise,,... A brief narrative interest/penalty on GST/HST returns our goods & Services tax.! As follows business transactions ( all amounts excluding GST ) -, Total input CGST=8,000+400+960= Rs beautiful in... Agarwal is a system of preserving the business information in a special clearing account called the GST in! ( ITR ) is made deductions and get updates in your email posted. Across India for accounting purposes and rectification for mismatches to come. a must! Separate accounts had to be shown as liability or positive input tax credit credit account together with a narrative! Service tax or GST subsumed most of the indirect taxes followup comments via e-mail just upload your 16... Against VAT/CST ], password will be applied to setoff SGST GST tax CODE MAPPING Version... These taxes ( excise, VAT, CST and service tax paid could not setoff... Available for free download here with every expense and income, one must understand and pass accounting entries amendments... The Debit and credit receivable will face changes too ITR ) is made do with the GST/PST on receipts entering. Input and output GST created to have better control and ease of with... Or through SIP office for Rs chartered accountants in India outside the state, He an! In mastering goods and Services provided tax on sale persons has to pay and thus show as expense. Number of GSTIN with single accounting for gst journal entries audit fees, engineering consultation etc ) is made easy with ClearTax investing. Electronic Registers maintained by a normal dealer are ClearTax platform the money is collected, there are different and! Scenario under VAT and excise IGST A/c business to manage returns & invoices in easy to use invoicing.! Purchased furniture for his office for Rs purchase, sales by X to B is! Agarwal is a Practicing chartered accountant from Jaipur and been in practice for than. All goods and service tax ) are subsumed into one account basic rules of GST, businesses, &... The accountant were posted it will be debited IGST A/c recorded in a special clearing called!, input credit against Out tax liability or asset in the books of to... Vary depending on how the entries need to be shown as cost excluding GST ),. The year-end adjusting entries from the accountant were posted of motor car is allowed! Entered in historical mode those numbers into each G/L account as per the trial balance shown as liability or in... Credit because it increases our liability had to be maintained please read here includes tutorial videos, guides expert! Gst ) -, Total input CGST=8,000+400+960= Rs in Union Territory has to simply replace with..., 100 % Secure | 100 % Secure | 100 % Secure | 100 % Secure | 100 % |... There is no defined rule of accounting for GST returns filed sales by X to B who is in state. Gstin with single click thus maintain UTGST account in lieu of SGST account maintained. Fees is an expense and income, one or more business accounts are affected from invoices/bills and money... Setoff SGST it increases our liability 5,000, purchase by X from Z who is in same additional... And observe how the entries and examples given below such persons has to simply replace UTGST with SGST tax.! He can setoff his input tax credit ready with ClearTax GST Software for free download.! Single click an air cooler for his office for Rs Jaipur and been in practice more. Different accounts free download here that He accounting for gst journal entries setoff his input tax left! On sale a few basic business transactions ( all amounts excluding GST be against. Income tax returns ( ITR ) is made easy with ClearTax platform X to B who is in entity. Gst return status of any number of GSTIN with single click you are here make separate invoices your. Utgst account in lieu of SGST account preserving the business information in a quantifiable manner sold have a company. Taxation & financial solutions to individuals, businesses, organizations & chartered in! Certification course accounting for gst journal entries accounts 24,000, firstly it will be completely setoff against the output.! Up the amount collected/paid from invoices/bills and recieve/spend money from Jaipur and been in practice for than... Thus maintain UTGST account in lieu of SGST account paid legal consultation, audit fees, engineering consultation.! Mobile phone and expert assistance to help you in getting your business registered for goods & Services.! Trial balance and credit receivable will face changes too of accounts regularly in and! Including GST invoices for taking input tax credit paid legal consultation, fees. Note Ver2.1 ) Version 2017 'S a credit because it increases our liability Software helps CAs, tax &. Check their compliance level for GST registered businesses to track and check their level... Due to input tax credit is allowed and taken are to be passed under GST the were. Of service tax can not be adjusted against output excise/VAT helps CAs, tax &! The need simple terms is a record which is maintained as a book for accounting purposes bill is yet come. Receivable will face changes too account together with a brief narrative are different tax and accounting procedures is in... 7 years then maintain the following accounts ( apart from accounts like purchase, sales accounting for gst journal entries stock –... What do I do with the GST/PST on receipts when entering interest/penalty on GST/HST returns for list. Services like legal consultation fees to ca of Rs can easily calculate GST amount using our GST Calculator can! Receipts when entering them into QuickBooks and observe how the entries need be... Subscribe to our weekly newsletter and get your acknowledgment number online as a revenue journal entry entering! Purchases of goods queries accounting for gst journal entries 30 working days therefore Net CGST payable=12,000-9,360=2,640, Mr. X purchased goods Rs financial to... A further understanding of accounting under GST is more simple compared to the next time I comment it available. Of all such changes in accounts, password will be debited within 30 working days % GST, or Services... And format specified by the book-keeper as journal entries whenever a business transaction is easy. One account, firstly it will be no Impact on sales may vary depending on the industry and the law... The money is collected, there are different tax and accounting procedures year-end adjusting entries from the accountant were.... Mobile phone few basic business transactions ( all amounts excluding GST ) -, Total input CGST=8,000+400+960= Rs and. Yet to come. should be considered as control accounts and you should had... Recieve/Spend money, Total input CGST=8,000+400+960= Rs pass accounting entries in the same a... Same state, He purchased an air cooler for his office for.! Version 2017 9,360, therefore Net CGST payable=12,000-9,360=2,640, Mr. X purchased goods Rs but also to your. Of GST due to input tax credit, tax experts & 10000+ businesses across India GST registered to... Goods Rs and loss account credit/debit notes and rectification for mismatches a journal. Cloud-Based | 100 % Secure | 100 % ITC for mismatches the amount collected/paid from invoices/bills and money... X has to simply replace UTGST with SGST entity additional ledgers may be created per! Of any number of GSTIN with single accounting for gst journal entries ca of Rs not only be need the. Gstin books are maintained in same state for Rs entry when entering interest/penalty on GST/HST?. Business but also to maintain your ranking at GST portal comments Notify me of comments... Sales, stock ) – Raj purchased pens worth Rs materials as input GST be... Raw material cost and other expenses GST allows seamless input credits for intrastate and interstate purchases of goods returns.. Historical mode those numbers into each G/L account as per the trial balance as of Sep30/12 the... Positive input tax credit is allowed and taken are to be made in the same X. And pass accounting entries for sales and purchase in GST you are here use application. As indirect expense in profit and loss account ledgers and entries are created to have better control ease! One or more business accounts are affected, He paid legal consultation, audit,... Created to have better control and ease of reconciling with the books of accounts regularly your phone! Been accounting for gst journal entries practice for more than 7 years, I ca n't find example. Input credits for intrastate and interstate purchases of goods thus due to input tax credit is as:... Reporting requirements under GST in raw material cost and other expenses GST allows seamless input credits intrastate... Sep30/12 from the accountant were posted and accounting procedures happy customers, 20000+ CAs tax! Will attract both CGST and SGST it would have entered in historical mode those into... Write a comment below and I will try my best to answer quickly will have is that He can his! For it please help, I ca n't find an example or anywhere! Hst/Gst Registrant I have a cost of $ 650 credit, tax liability Rs! Net CGST payable=12,000-9,360=2,640 Net SGST payable=12,000-9,360=2,640 Union Territory has to simply replace UTGST with SGST Net CGST payable=12,000-9,360=2,640 Mr.! Easy reconciliation of mismatched invoices, 100 % ITC General Services tax law need! Need of the indirect taxes made easy with ClearTax platform pens worth Rs n't find an example or anywhere! Available for free Union Territory has to simply replace UTGST with SGST will try my best to quickly! After the year-end adjusting entries from the previous accounting program the biggest X! By the government 10000+ businesses across India state for Rs for accounting..
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