Goods and Services Tax or GST has been used for many indirect taxes. This brings us to the concept of One Nation, One Tax. Accounting under GST is easier compared to previous year’s VAT and deductions. However, it is important to understand that there is always going to be an accounting check in the accounting book. It is important to ensure that there is little or no discrepancy between the accounts and GST returns, such as GSTR-1, GSTR-2B, and GSTR-3B. This will further help in correct and quick preparation of annual accounts for filing GSTR-9 for the financial year. Learn more about the various accounting entries that must be made under GST in this article. Keep in mind that many of these entries can be confusing because there are many terms and conditions that apply to each type of entry, as you will see below. To make this as easy as possible, it is important to use good GST Accounting Software that provides important features like GST agreement and GSTIN support right out of the box. This will save you a lot of headaches and heartache when filing your taxes. Forms and examples of accounting entries under GST Intrastate commerce […]
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