Accounts and Records Under GST

About  GST Records and Accounts

GST Records

Main Records and Other 

Under GST all backhanded charges (extract, VAT, benefit assets) will get subsumed into one GST, along these lines diminishing the quantity of records required to be kept up.

In our article, we have recorded the different records to be kept up and different records that organizations need to keep under GST.

For instance, under GST, a dealer needs to keep up the accompanying a/cs (aside from accounts like buy, deals, stock) –

  • Input CGST a/c
  • Output CGST a/c
  • Input SGST a/c
  • Output SGST a/c
  • Input IGST a/c
  • Output IGST a/c
  • Electronic Cash Ledger (to be maintained on Government GST portal to pay GST)

Bookkeeping Under GST

While there will be introductory move challenges, GST will get much lucidity in numerous ranges of business. One of the ranges is bookkeeping and accounting.

While the quantity of records is all the more clearly under GST, once you experience the bookkeeping you will discover it is considerably less demanding for record keeping. One of the greatest focal points a broker will have is that he can set off his information charge on benefit with his yield impose on the deal.

Read our exchanges on the bookkeeping treatment of different exchanges under GST noting inquiries on the most proficient method to record and pass sections for the between state offer of merchandise, how to record usage of information charge credit and so on.

Electronic Cash and Credit Ledger

Under this area we will talk about the system of GST re-record and how can it function. E-record or electronic record is the articulation of money and information impose credit in regard of an enlisted citizen. Once a citizen makes GST charge installment with money, check, web saving money, RTGS or NEFT the sum is credited in their separate electronic records in particular:

  • Electronic Cash Ledger
  • Electronic Credit Ledger

These two e-records are produced once Subsequent to enlisting with the normal entrance of GST called GSTN by a citizen.

Period for Retention

This area discusses the period for which the said books of records and different records must be kept up, i.e. to what extent the records should be spared by the business substance.

According to the GST law, each enlisted assessable individual required to keep and keep up books of record or different records will keep up the books for no less than 60 months, tallied from the last date of documenting of Annual Return.e Sept of following year.

Results of Not Maintaining Proper Records

This segment discusses the results on defaults if there should be an occurrence of non-support of appropriate records, disgraceful treatment in books of records and other related arrangements.