Accounting of GST Paid or Received in the books of account

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90 Points Posted on 15 September 2019

Dear All,

Please advise how do I create account heads for GST collected or paid in my books of account.

I am writing accounts for a pharmaceutical company where GST is paid on purchases and collected on sales, I want to account these entries, please advise

Thanks

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On 15 September 2019 at 16:33 Report
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GST Practitioner
29904 Points Posted on 15 September 2019
Input tax credit : purchase
output : Sale

INPUT TAX CREDIT. :
CGST Input Tax
SGST Input Tax
IGST Input Tax

OUTPUT TAX :
CGST Output Tax
SGST Output Tax
IGST Output Tax
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On 15 September 2019 at 20:51

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