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GST Configuration & Jv's
GST Configuration & Jv's
CGST A/C is further bifurcated into two Output CGST and Input CGST.
SGST A/C is further bifurcated into two Output SGST and Input SGST.
IGST A/C is further bifurcated into two Output IGST and Input IGST.
Input CGST…Dr 40
Input SGST…Dr 40
Instance 2:
1. A bought goods worth 10,000 INR from outside state market.
2. He sold these goods for 20,000 INR in the same state
3. He sold the other goods manufactured for 10,000 INR in the different
state
4. He paid consultation fees 500 INR
5. As Mr. A was thinking to extend the business he purchases furniture
amounting 10,000 INR.
Assuming CGST @8%, SGST@8%, and IGST @5%
Input CGST…Dr 40
Input SGST…Dr 40
Therefore;
Purchases XXXX
Depreciation XXXX
Balance Sheet
Assets Amount (INR) Liabilities Amount (INR)