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Accounting of GST Paid or Received in the books of account

Accounts 250 views 1 replies

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

Replies (1)
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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