Accounting of GST Transactions: Output Tax Liability, Input Tax Credit etc

In the new GST era, some major changes are introduced by the Government. One of the major changes is introduction of Electronic Ledger system of GST Portal which shows Taxpayer’s ledger in the books of government. In order to align with the same, some accounting changes are also required in the Taxpayer’s books. This would facilitate to keep taxpayers books in line with the books of government so that there is no mismatch. In order to improve the accuracy of the GST accounting, we will discuss the accounting treatment of GST transaction in this article.

Source Taxguru

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