GST Accounting or Record Keeping | GST Law
As per the current GST Law – Goods and Services Tax has been charges on goods you purchase, and charge your customers GST on goods you sell. The business must remit to the government the amount of GST charged from the customers, less any GST paid on business-related purchases that qualifies as an input tax credit.
Taxpayer under the GST Regime will have to provide the following information at regular intervals
- Invoice data upload at regular intervals
- Upload GSTR-1 which will be created based on invoice data and some other data which will be provided by the taxpayer.
- Download data on internal supplies in the form of Draft GSTR-2 from GST Portal created by the Portal based on GSTR-1 filed by the corresponding suppliers.
- Matching of purchases made and that downloaded from the GST portal. Complete the inward supply data and upload GSTR-2
- Register GSTR-3 created by GST Portal based on GSTR-1 and GSTR-2 and other information and tax paid.
- There are other returns for other categories of taxpayers like casual taxpayer or composition taxpayers
As per GST all indirect taxes such as excise, VAT, service tax will get subsumed into one GST, thereby reducing the number of accounts required to be maintained for each category.
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