What are the Rules and and Regulations should follow for Finalization of Accounts as per GST
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What are the Rules and and Regulations should follow for Finalization of Accounts as per GST
Replies (5)
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 .
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 .
Agree as above
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...
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...
Rules for finalization of accounts is based on accounting standard and generally accepted principles in accounts.
Accounting standards also applicable to GST
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