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What are the Rules and and Regulations should follow for Finalization of Accounts as per GST

Venkata Chennaiah (9 Points)

05 August 2023

Kindly provide any Checklist or Material Available for beginners

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prasad Nilugal ( GST Practitioner & Accounts ) (14234 Points)
Replied 05 August 2023

Finalization of accounts is based on Generally accepted accounting principles and accounting accepcts. Goods and services tax is part of financial statements.

No such rules and regulations in GST law to finalise the books of accounts has been given. only what are all accounts and record to be maintain for GST purpose has been given in section 35 of the CGST Act .

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CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 05 August 2023

Agree as above

RAJA P M ("Do the Right Thing...!!!") (127511 Points)
Replied 06 August 2023

GST:
Finalization of Accounts under GST as Based on Inwards and Outwards related Taxes.
Keep all the invoice and prepare chart based on GST returns as Input Tax and Output taxes and it's set off.

Also check Cash ledger, ITC ledger, liability ledger and Payment set off...

Based on above You can get some lights of Accounts and it's details...

These are follow ups under GST as per my experience...