Monday, 4 September 2017

How do you record a journal entry as GST inclusive?

GST will be one tax to subsume all taxes. “One nation one tax” regime.
GST will bring in much clarity in many areas of business.Read on to find out about accounting entries under GST. One of the areas is accounting and bookkeeping. Current scenario:
Separate accounts have to be maintained for excise, VAT, CST and service tax. Here’s a list of the few accounts currently any business has to maintain (apart from accounts like purchase, sales, stock) –
  • Excise payable a/c (for manufacturers)
  • CENVAT credit a/c (for manufacturers)
  • Output VAT a/c
  • Input VAT a/c
  • Input Service tax a/c
  • Output Service tax a/c
For example, a trader Mr. X must maintain the minimum basic accounts –
Hope this answer will be helpful for you. For more information about this, dial QuickBooks support phone number+1-855-441-4417. You can ask any query related to QuickBooks from well qualified and experienced accounting experts.

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