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