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of <h1>New GST Accounting System: Four Major Heads for CGST, IGST, Additional Tax, SGST; Standardized Codes to Prevent Misclassification</h1> The proposed accounting system under GST requires four major heads for CGST, IGST, Additional Tax, and SGST, with standardized accounting codes across States and UTs. SGST will be managed by individual State Treasuries, while CGST, IGST, and Additional Tax will be under the Consolidated Fund of India. There is a risk of misclassification affecting revenue settlements, necessitating detailed procedures. The system should ensure automatic fund transfers between government accounts, with the Principal Accounts Office (PAO) handling account classification. Tax Payment Challans will reflect net tax paid and related liabilities. IT audits will ensure accuracy in revenue collections.
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