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PROPOSED ACCOUNTING SYSTEM UNDER GST

Para 9 - Draft-Bills-Reports - Business Processes for GST - Payment - Goods and Services Tax - Para 9 - : 89. Four different Major Heads of accounts would be required to be opened for classifying CGST, IGST, Additional Tax and SGST along with underly .....

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centralized reporting. SGST will be accounted for by the States and credited to individual State Treasuries, through the existing system followed in each State. SGST will not be reflected in accounts of the Central Government. 91. There may be cases .....

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recognized that it is IT system issue, and not an accounting issue. The debit from tax-payers account should result in auto-credit to respective accounts of Government of India and the concerned State Government. Except in case of remittance through .....

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rd: a) Codal provisions of the DDO & PAO should be complied with for discharge of PAO s role. The automation as proposed should conform to this basic requirement. b) PAO is the sole authority for receipt, payment and reconciliation of accounts bo .....

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inked with one DDO and PAO and bank account. e) As part of standard operating process, accounts classification should be done by the PAO in his books and no one else. Bank is not involved in classification of accounts. 93. The challan will reflect on .....

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anks, RBI, Tax authorities and Accounting authorities of the Centre/States/UTs. A list of sample tax accounting codes under GST is proposed in the table below:- S. No. Type of Tax Liability Sample Accounting Code 1 CGST - Tax 00010001 2 CGST - Intere .....

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0030002 13 SGST - Penalty 00030003 14 SGST - Fees 00030004 15 SGST - Other 00030005 16 Additional Tax - Tax 00040001 17 Additional Tax - Interest 00040002 18 Additional Tax - Penalty 00040003 19 Additional Tax - Fees 00040004 20 Additional Tax - Othe .....

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