WebDec 17, 2024 · The CGST Act, 2024 comprises of 174 Sections in 21 Chapters and three Schedules on supplies without consideration, treatment of activities as to goods or services and activities which shall be considered as neither goods or services. These Schedules are as under : Schedule I. Activities to be treated as supply even if made without consideration Assuming that the CGST is 2.5% and SGST is 2.5% on the goods traded whereas the GST on legal consultation is 9% for CGST and SGST each. Further, GST rate on furniture is 14% for CGST and SGST each. The entries will be- Total Input CGST=2,500+450+1,680= Rs. 4,630 Total Input … See more Separate set of accounts had to be maintained for excise, VAT, CST and service tax. Moreover, the input tax credit could not be claimed between Centre imposed taxes and State imposed taxes. Therefore, there … See more Under GST, all these erstwhile indirect taxes such as excise, VAT, and service tax are subsumed into one account. The same trader Mr X has to then maintain the following accounts … See more Let us consider a few basic business transactions (all amounts are excluding GST). Example 1: Intra-state purchase 1. Mr X purchased goods Rs.1,00,000 locally (intrastate) on 14th … See more
TDS under Goods & Services Tax (GST)
WebApr 18, 2024 · CGST means Central Goods and Service Tax. CGST is a part of goods and service tax. It is covered under Central Goods and Service Tax Act 2016. Taxes collected under Central Goods and Service … WebMay 23, 2024 · “Receivable” denotes something which one is entitled to receive. Receivable is therefore, a mirror image for “debt”. If a sum of money is receivable for A, the same sum of money must be a debt for B. A debt is an obligation to pay, a receivable is the corresponding right to receive. pastafina mineral wells menu
How to Record GST Transactions in Accounts – Journal Entries
WebNov 4, 2016 · CGST or Central Goods and Service tax is the tax levied and collected by the central government on every supply of goods and … WebApr 10, 2024 · b) The amount of any loans receivable from related parties. c) The expected outcome of the transactions with the related party. d) The nature of the relationship with the related party. Ans: c) The expected outcome of the transactions with the related party. Q. 51 Which of the following is an exemption from the disclosure requirements under IND ... WebA Bought Goods from Mr. B of Rs. 100,000 and GST is 18% and TDS under GST is 2%. Pass the journal entries. In the Books of A. When bought goods on Credit. Purchase A/c Dr. 1,00,000. Input CGST A/c Dr. 9000. Input SGST A/c Dr. 9000. B A/c Cr. 1,18,000. When payment will be done to Creditor. pasta fitchburg