GST - IGST / CGST / SGST / UTGST - Account Policy

[Suresh Babu]

Please explain the accounting policy (Creating Account head and link details) of IGST / CGST / SGST / UTGST.

[DR.MARIAPPAN GOVINDARAJAN]

In respect of GST, all transactions are to be done through the Common Portal by means of Electronic Cash Ledger, Electronic Liability Register and Electronic credit ledger. You may adopt your own accounting policy based on the transactions made through these ledgers.

AI Summary

Electronic ledger requirement: GST transactions must use portal-hosted cash, liability and credit ledgers for accounting. All GST transactions must be carried out through the Common Portal using the Electronic Cash Ledger, Electronic Liability Register and Electronic Credit Ledger; taxpayers may adopt internal accounting policies and create account heads and linkages that reflect the transactions recorded in these electronic ledgers.