Tag Archives: CGST

eInvoice to eWayBill : The case for Accounting Automation under GST

Core Principle : Goods flow in a supply chain but Information / Data about those goods does not flow spontaneously in the same supply chain. The solution is to automate accounting/ avoid re-entry across the supply value chain. The advent of GST regime is an opportunity to re-engineer the entire business process in documentation of…More

Suggested Accounting Entries for GST

1. IntraState Purchase (From Registered Dealer) Purchase (5%) A/c Dr. 200/- CGST Input (2.5%) A/c Dr. 5/- SGST Input (2.5%) A/c Dr. 5/- To Supplier A/c Cr. 210/- 2. InterState Purchase (From Registered Dealer) Purchase (5%) A/c Dr. 200/- IGST Input (5%) A/c Dr. 10/- To Supplier A/c Cr. 210/- 3. IntraState Sale (From Registered…More

From whom should you source your supplies under GST regime

Consider the following scenario under GST. A registered dealer and an unregistered dealer sell the same goods as follows: Seller Registered Dealer (X) Unregistered Dealer (Y) Value of Goods 100 105 GST @ 12% 12 NIL Total 112 105 The question is whom should a buyer (A) Registered Dealer and (B) Unregistered Dealer purchase from?…More