The Goods And Service Tax

THE THEORETICAL CONCEPTS

• The Goods And Service Tax popularly known as GST is the tax that is imposed on the Goods and Services.

• At first in the world France is the country to impose the GST in 1954.

• In India the GST is imposed on 1 July 2017.

• There are four types of GST slabs 5%, 12%, 18% and 28%.

• There are three types of GST, CGST, SGST and IGST.

• The CGST i.e. Central Goods And Service Tax is collected by the Central government in 50% mode.

• The SGST i.e. State Goods And Service Tax is collected by the State government in 50% mode.

• The IGST i.e. Integrated Goods And Service Tax is collected by the Central government in 100% mode and shared with the State as the Rate fixed by the Central government.

THE LAB PROCESS

ENABLING THE GST

• Go to GOT.

• Choose the Accounting Voucher option.

• Press F11 and then F3 button.

• Set Yes to Enable Goods And Service Tax (GST).

SETTING/ALTERING THE GST

• Go to GOT.

• Choose the Accounting Voucher option.

• Press F11 and then F3 button.

• Set Yes to Set/Alter GST details.

CREATION OF UNITS OF MEASURE

• Go to GOT.

• Choose the Inventory Info. option.

• Choose Unit Of Measure option.

• Choose the Create option.

• Choose the Single or Multiple option.

CREATION OF STOCK ITEMS

CREATION OF LEDGERS

GST ON THE ITEM RATE