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Accounts Maintained Under The GST Rule

With the introduction of GST we came across three types of electronic ledgers. The electronic credit ledger or E-credit ledger, is further sub branched into three different credit. They are the central goods and service tax or CGST, international goods and service tax or IGST, and the state goods and service tax or SGST. The money which is contained in the electronic credit ledger can only be made useful for making the payment of taxes, and not any other purpose.

There are various necessary records which is the prime responsibility of different business possessors; they maintain it strictly following the rules set by the GST.

The goods and service tax brought the greatest modification in the idea of the input tax credit. Input tax is known as the tax which is paid for every purchase of any dressed product or services. Such input taxes, used for the buying of goods are used for the flourishing of business. The input tax can also be used for offsetting the tax which is paid on the outputs like the finished products and services. The dual element structure of goods and service tax is quite familiar to a lot of people. This succumbs to the division of intrastate transactions like the central GST or the CGST, paid to the central government, and state GST or SGST paid to the state government.

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