How to do books gst

January 22, 2022

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Below the GST regime, a number of tax levies have been changed by a single GST tax. This has led to main adjustments within the accounts the enterprise house owners should keep. Beforehand, you’d have maintained particular person accounts for VAT, excise, CST and different service taxes with separate enter, output, and credit score entries for every. Now, the brand new tax regime means a totally new record of accounts, that includes the parts of GST.

Conditions for sustaining data and accounts

The upkeep of data and accounts is dealt with by:

The enterprise proprietor or the operator of the premises used for storage of products: They need to keep accounts concerning the time interval for which the products have been within the storage location (instance: warehouse). This contains particulars concerning dispatch, motion, receipt, and disposal of products.
The transporter of products and companies: They need to keep data of the products transported, delivered, and the products saved in transit by them.
Below the GST regime, all of the data and accounts ought to be maintained on the principal workplace, books gst i.e, the first place the place the enterprise takes place.
If a couple of workplace is talked about within the registration certificates, data and accounts associated to every workplace ought to be saved on the respective workplaces.
If a enterprise proprietor chooses to keep up the data/accounts in digital format, books gst they need to be certain that they’ve a correct back-up of the data/accounts. Additionally, they need to be possible to provide the data/accounts when demanded.
When the turnover of a enterprise exceeds the prescribed monetary restrict, the enterprise is accountable for an audit.

Data and accounts to be maintained beneath the GST regime

Each enterprise proprietor registered beneath GST should keep the next data:

Manufacturing or manufacture of products – Particulars of all the products manufactured or produced by the taxpayer.
Particulars of purchases – Particulars of all of the inward provides bought by the taxpayer, together with the identify and handle of the provider.
Particulars of gross sales – Particulars of all of the outward provides bought by the taxpayer, together with the identify and handle of the client.
Inventory of products – The present quantity of products out there within the taxpayer’s stock.
Enter Tax Credit score availed – The worth of Enter Tax Credit score availed through the buy of uncooked supplies or different capital items.
Output tax payable – The output tax payable on the sale of completed items or companies.
Output tax paid – The GST paid both by availing of enter tax credit score or in money.
Every other data if required – Any extra document required by the Authorities for a specific enterprise kind, similar to:
Items or companies imported or exported throughout a tax interval.
Inward and outward provides that entice the cost of tax on reverse cost, together with related paperwork similar to invoices, payments of provide, supply challans, credit score notes, debit notes, receipt vouchers, cost vouchers, refund vouchers and e-way payments.