PROPOSED ACCOUNTING SYSTEM UNDER GST
Para 9
Bill
Business Processes for GST – Payment
Report on – Business Processes for GST – Payment – [April 2015]
PROPOSED ACCOUNTING SYSTEM UNDER GST:
\n89. Four different Major Heads of accounts would be required to be opened for classifying CGST, IGST, Additional Tax and SGST along with underlying minor heads and sub-heads, wherever required, to account for various taxes.
\n90. 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<\/p>\n
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\n92. The CGA has suggested the following in this regard:
\n 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.
\n b) PAO is the sole authority for receipt, payment and reconciliation of accounts book with Bank Reconciliation statement (BRS).
\n c) Any compromise on this fundamental work flow may lead to legal complications in preparation of Finance Accounts \/ Appropriation Accounts which is constitutional mandate.
\n d) Each challan detail must be linked with one DDO and PAO and bank account.
\n e) As part of standard operating process, accounts classification should be done by the PAO in <\/p>\n
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\n00020002
\n8
\nIGST – Penalty
\n00020003
\n9
\nIGST – Fees
\n00020004
\n10
\nIGST – Other
\n00020005
\n11
\nSGST- Tax
\n00030001
\n12
\nSGST – Interest
\n00030002
\n13
\nSGST – Penalty
\n00030003
\n14
\nSGST – Fees
\n00030004
\n15
\nSGST – Other
\n00030005
\n16
\nAdditional Tax – Tax
\n00040001
\n17
\nAdditional Tax – Interest
\n00040002
\n18
\nAdditional Tax – Penalty
\n00040003
\n19
\nAdditional Tax – Fees
\n00040004
\n20
\nAdditional Tax – Others
\n00040005
\nThe actual accounting codes have to be finalized by CGA in consultation with CAG on the basis of proposals from Tax Authorities.
\n94. CGST, IGST and Additional Tax components will be accounted for under Consolidated Fund of India (CFI). Transfers of due IGST amount and Additional Tax to the States can thereaf<\/p>\n
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