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Accounting for Goods & Service Tax GST) - Commerce PDF Download
Page No 10.22:
Ques 1: Pass entries in the books of Mukerjee & Sons. assuming all transactions have taken place within the state of Uttar Pradesh. Assume CGST @9% and SGST @ 9%.
Ans: 
Ques 2: Pass entries in the books of Devdhar & Bros. Odisha, assuming all transactions have been entered within the state, charging CGST and SGST @ 9% each:
Ans: 
Page No 10.23:
Ques 3: Pass entries in the books of Ganguli & Sons. assuming all transactions have been entered in the state of West Bengal:
Assume CGST @6% and SGST @6%.
Ans:
Input CSGT (Balance) = Rs 7,140
Input SGST (Balance) = Rs 7,140
Ques 4: Record the following transactions in the books of Sahdev & Sons assuming all transactions have been entered within the state of Bihar, Charging CGST and SGST @ 9% each.
Ans: 
Ques 5: Pass entries in the books of Mr. Roopani of Gujarat assuming CGST @9% and SGST@9%.
Ans:
Working Note:
GST Common Set Off Procedure: 
Page No 10.24:
Ques 6: Pass entries in the books of Sh. Jagdish Mishra of Lucknow (U.P.) assuming CGST @ 6% and SGST @ 6%:
Ans: 
Ques 7: Pass entries in the books of all parties in the following cases assuming CGST @ 6% and SGST @ 6%:
Ans:
Ques 8: Pass entries in the books of Krishnan of Bengaluru (Karnataka) in the following cases:
Ans: 
FAQs on Accounting for Goods & Service Tax GST) - Commerce
| 1. What is Goods and Services Tax (GST)? |  |
Ans. Goods and Services Tax (GST) is a tax imposed on the supply of goods and services in a country. It is a value-added tax levied at each stage of the supply chain, from the manufacturer to the consumer. GST replaces multiple indirect taxes such as excise duty, service tax, and value-added tax (VAT), streamlining the taxation system.
| 2. How does GST work? | |
Ans. GST works on the principle of input tax credit. Under GST, businesses can claim a credit for the taxes paid on their purchases (input tax) and use it to offset the taxes collected on their sales (output tax). This ensures that the tax burden is not passed on to the end consumer and promotes transparency in the tax system.
| 3. What are the different types of GST? | |
Ans. There are three types of GST: Central Goods and Services Tax (CGST), State Goods and Services Tax (SGST), and Integrated Goods and Services Tax (IGST). CGST and SGST are levied by the central and state governments respectively on intra-state supplies, while IGST is imposed on inter-state supplies and imports.
| 4. What are the benefits of GST? | |
Ans. GST offers several benefits, including the elimination of cascading taxes (tax on tax), simplified tax structure, increased compliance, and reduced tax evasion. It also promotes ease of doing business, enhances competitiveness, and encourages foreign investment. Additionally, GST ensures a more efficient and transparent tax administration.
| 5. What is the impact of GST on consumers? | |
Ans. The impact of GST on consumers varies depending on the goods and services they consume. While some goods and services may become cheaper due to the elimination of cascading taxes, others may become costlier due to the change in tax rates. Overall, GST aims to create a more equitable tax system and lower the burden on consumers by reducing the overall tax rate.
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