PROPOSED ACCOUNTING SYSTEM UNDER GST

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.... required, to account for various taxes. 90. There is a need to standardize these accounting codes for all items covered under GST regime among all the States and UTs, since settlement of IGST would be based on centralized reporting. SGST will be accounted for by the States and credited to individual State Treasuries, through the existing system followed in each State. SGST will not be reflecte....

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....llowing in this regard: a) Codal provisions of the DDO & PAO should be complied with for discharge of PAO's role. The automation as proposed should conform to this basic requirement. b) PAO is the sole authority for receipt, payment and reconciliation of accounts book with Bank Reconciliation statement (BRS). c) Any compromise on this fundamental work flow may lead to le....

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....sed in the table below:- S. No. Type of Tax Liability Sample Accounting Code 1 CGST - Tax 00010001 2 CGST - Interest 00010002 3 CGST - Penalty 00010003 4 CGST - Fees 00010004 5 CGST - Other 00010005 6 IGST - Tax 00020001 7 IGST - Interest 00020002 8 IGST - Penalty 00020003 9 IGST - Fees 00020004 10 IGST....