GST Impact on Financial Statements’ Transactions & Various Accounts - Books - Magazines in Capelle Aan Den Ijssel

Published date: 2021/08/20
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Details of listing: GST Impact on Financial Statements’ Transactions & Various Accounts

Capelle Aan Den Ijssel
Ina Damman Erf 138, Capelle Aan Den Ijssel

Additional information

QR CODE State-based Registration and Consequent Accounting Mechanism (Person who is liable for registration subject to section 22 of the CGST Act)
Supplies in the absence of Consideration ( Schedule I of the CGST ACt specifies those activities that are to be categorised as supply without consideration
Excise Duty is to be included in revenue as it’s production-based taxation.
And Sales Tax along with VAT also is not included in the revenue as it is imposed at the time of the sales. However, GST is called a destination-based tax that is imposed at the point of the supply.
Specific Rules: These provisions have impacted directly on business accounting such as Composite Supply, Works Contract etc.
Mode of GST: All the transactions of the supply shall be subject to 2 kinds of levies CGST for Union and SGST for State government) and levied tax is also shared between 2 entities. The Union Government and the State Government.
4 GST Types
Central Goods and Services Tax (CGST)
State Goods and Services Tax (SGST)
Integrated Goods and Services Tax (IGST)
Compensation Cess
Every Business has 2 Types of Transactions:
Sales (Outward Supply) that is reported in the GSTR 1 form and filed by the normal taxpayer
Inward Supply (Purchase) that is auto-populated in GSTR 2A
Maintaining of Accounts of the Business Entities Excepting Composite Tax Payer
The normal taxpayer has to maintain the following accounts that have to be maintained and kept by a normal taxpayer under the GST mechanism.

Input CGST A/c
Input IGST A/c
Input SGST A/c
Output SGST A/c
Output CGST A/c
GST Payable A/c
Output IGST A/c
Input and output Cess (If in case applicable)
Illustration of Business Transaction as Per GST Regime
Inward Supplies ( Intra or Inter state)
Outward supplies ( Intra or Inter state)
Refunds in the Case of the Export of Goods & Services
Set Off of ITC Against Out Tax Liability
Reverse Charge Transactions
Intra State implies transaction within the same state or the Union Territory
Inter-State implies Transactions outside the state or Union Territory

Under the GST Mechanism, the Expenses can be Subdivided Into the Below-Mentioned Categories
Expenses on which the ITC NOT availed
Expenses on which the ITC availed
Expenses on which nil GST has been charged by the supplier as below the threshold
Expenses on which GST paid on RCM
Expenses on which GST is not leviable
Expenses with zero-rated GST
Records that are Required to be Maintained Under the GST
Stock records
ITC availed
Tax Invoice
Inward & the outward supply of the goods/ services
Debit note/ credit notes
Bill of Supply
Receipt/ Payment/ Refund voucher
Effect of the GST Transactions on the Financial Statements
Check points that will help you in relation to how the effects of Goods and Services Tax for transactions on the financial statements:

Reconciling/Matching Outward & Inward Supply
Reconciling the Outward and the Inward Supply with the GST Invoices, the Debit Note / Credit note/ the documents issued during FY and so on.
Reconciling your Turnover with 26 AS
Reconciling of the Outward & the Inward Supply as per the BOA with the GST return (GSTR 1/GSTR 2A and GSTR 3B)
Reconciling of the Turnover with the GST TDS(If in case applicable)

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