Accounting courses in chandigarh (1)

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Accounting Course in Chandigarh

• CBitss Technologies

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What is GST?

• Goods Services Tax Law in India is a complete,
  multi-stage, destination-based tax that is
  carried on every value addition. In other words,
  Goods and Service Tax is an indirect tax carried
  on the supply of goods and services. GST Law has
  restored many indirect tax laws that previously
  existed in India.

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What is CGST?

• CGST full form is Central Goods and Service Tax.
  CGST refers to the Central GST tax that is
  collected by the Central Government of India on
  any transaction of goods and services tax takes
  places within a state. It is one of the two taxes
  charged on every inter state transaction, the
  other one being SGST . CGST restore all the
  existing Central taxes including Service Tax,
  Central Excise Duty, CST, Customs Duty, SAD, etc.
  The rate of CGST is usually equal to the SGST
  rate.

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What is SGST?

• SGST full form is State Goods and Service Tax. It
  is one of the two taxes collect on every inter
  state transaction of goods and services. The SGST
  is extracted by the particular state where the
  goods are being sold or purchased. It will
  restore all the existing state taxes including
  VAT, State Sales Tax, Entertainment Tax, Luxury
  Tax, Entry Tax, State Cesses and Surcharges on
  any kind of transaction involving goods and
  services. The State Government is the sole
  applicant of the revenue earned under SGST.

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What is IGST?

• Integrated GST is applicable on inter state
  transactions of goods and services, also on
  imports. This tax will be collected by the
  Central government and will further be
  distributed among the various states. IGST is
  charged when a product or service is transported
  from one state to another. IGST is in place to
  assure that a state has to deal with the Union
  government and not with every state separately to
  settle the interstate tax amounts.

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How to pass accounting entries under GST?

• GST will be one assessment to subsume all
  duties. It will get One country one assessment
  administration. While there will be sure
  introductory progress challenges, GST will get
  much lucidity in numerous zones of business. One
  of the regions is bookkeeping and accounting.
  Read on to get some answers concerning
  bookkeeping passages under GST. Current
  situation Isolate accounts must be kept up for
  extract, VAT, CST and administration impose.
  Here's a rundown of the few records right now any
  business needs to keep up (aside from accounts
  like buy, deals, stock)
• Extract payable a/c (for producers)
• CENVAT credit a/c (for producers)
• Output VAT a/c
• Input VAT a/c
• Input Service tax a/c
• Output Service tax a/c

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CBitss Technologies
Contact us- 9914641983
Website- https//goo.gl/JhcHky
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