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He paid telephone bill of April 2021 amounting to Rs.5,000 on 14th May 2021.He sold Rs.1,00,000 outside the state on 12th May 2021.Mr X purchased goods Rs.1,50,000 from outside the State on 1st May 2021.If there had been any input tax credit left, it would have been carried forward to the next year. Also, GST on legal fees can be used to set off against the GST payable on goods sold, which was not possible in the erstwhile tax regime. Thus, due to input tax credit, tax liability of Rs.15,000 is reduced to only Rs.5,740. (Being the payment of GST liability by utilising the ITC for CGST and SGST for the tax period) (Being purchase of furniture for the shop from ABC Furniture Shop on credit scheme) (Being the payment of legal fees for consultation services obtained for consumer court case) (Being sale of the goods to customers, bearing GST of 5% in total) (Being purchase of goods to be traded, bearing GST of 5% in total) Further, GST rate on furniture is 14% for CGST and SGST each. He purchased furniture for his office for Rs.12,000 on 28th April 2021Īssuming that the CGST is 2.5% and SGST is 2.5% on the goods traded whereas the GST on legal consultation is 9% for CGST and SGST each.He paid legal consultation fees Rs.5,000 on 18th April 2021.He sold them for Rs.1,50,000 in the same state on 15th April 2021.Mr X purchased goods Rs.1,00,000 locally (intrastate) on 14th April 2021.Let us consider a few basic business transactions (all amounts are excluding GST). One of the biggest advantages that Mr X will have is that he can set off his input tax on service with his output tax on sale of goods. Once you go through the accounting ledgers and understand its flow, you will find it is much easier for record keeping. Read the “ complete list of accounts” to be maintained by business for an effective compliance. Electronic Cash Ledger (to be maintained on the Government GST portal to deposit GST in cash and make payments therefrom).

The same trader Mr X has to then maintain the following accounts (apart from accounts like purchase, sales, stock) for every GST Identification Number (GSTIN) as follows: Under GST, all these erstwhile indirect taxes such as excise, VAT, and service tax are subsumed into one account.

CST A/c (for inter-state sales and purchases).

Here’s a list of the few ledger accounts that business had to maintain under the previous regime (apart from accounts like purchase, sales, stock):įor example, a trader Mr X had to maintain the minimum basic ledger accounts as follows: However, GST has been able to do away with the need for multiple ledger accounts, keeping it to a few. Therefore, there were many ledger accounts needed. Moreover, the input tax credit could not be claimed between Centre imposed taxes and State imposed taxes.

Separate set of accounts had to be maintained for excise, VAT, CST and service tax.