{"id":1267,"date":"2023-06-13T04:43:00","date_gmt":"2023-06-13T04:43:00","guid":{"rendered":"https:\/\/vibrantfinserv.com\/kb\/?p=1267"},"modified":"2024-10-04T09:23:59","modified_gmt":"2024-10-04T09:23:59","slug":"gst-in-final-accounts","status":"publish","type":"post","link":"https:\/\/vibrantfinserv.com\/kb\/gst-in-final-accounts\/","title":{"rendered":"How do I treat GST in final accounts?"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-18 alignleft\" src=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/05\/Logo-Vibrant-FinServ-300x143.png\" alt=\"\" width=\"132\" height=\"63\" srcset=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/05\/Logo-Vibrant-FinServ-300x143.png 300w, https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/05\/Logo-Vibrant-FinServ.png 482w\" sizes=\"auto, (max-width: 132px) 100vw, 132px\" \/><\/p>\n<p>&nbsp;<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/vibrantfinserv.com\/kb\/gst-in-final-accounts\/#GST_in_final_accounts\" >GST in final accounts<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/vibrantfinserv.com\/kb\/gst-in-final-accounts\/#1_Sales\" >1. Sales:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/vibrantfinserv.com\/kb\/gst-in-final-accounts\/#2Purchases\" >2.Purchases:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/vibrantfinserv.com\/kb\/gst-in-final-accounts\/#3_GST_liability\" >3. GST liability:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/vibrantfinserv.com\/kb\/gst-in-final-accounts\/#4_ITC\" >4. ITC:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/vibrantfinserv.com\/kb\/gst-in-final-accounts\/#5_GST_payablereceivable\" >5. GST payable\/receivable:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/vibrantfinserv.com\/kb\/gst-in-final-accounts\/#6_GST_return\" >6. GST return:<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/vibrantfinserv.com\/kb\/gst-in-final-accounts\/#FAQs\" >FAQs<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/vibrantfinserv.com\/kb\/gst-in-final-accounts\/#1How_do_I_record_GST_in_my_accounting_books\" >1.How do I record GST in my accounting books?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/vibrantfinserv.com\/kb\/gst-in-final-accounts\/#2_What_is_Input_GST\" >2. What is Input GST?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/vibrantfinserv.com\/kb\/gst-in-final-accounts\/#3_What_is_Output_GST\" >3. What is Output GST?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/vibrantfinserv.com\/kb\/gst-in-final-accounts\/#4_How_do_I_treat_GST_in_the_Profit_and_Loss_Account\" >4. How do I treat GST in the Profit and Loss Account?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/vibrantfinserv.com\/kb\/gst-in-final-accounts\/#5_How_do_I_treat_GST_in_the_Balance_Sheet\" >5. How do I treat GST in the Balance Sheet?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/vibrantfinserv.com\/kb\/gst-in-final-accounts\/#6_What_happens_if_my_Input_GST_exceeds_Output_GST\" >6. What happens if my Input GST exceeds Output GST?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/vibrantfinserv.com\/kb\/gst-in-final-accounts\/#7_Do_I_need_to_file_GST_returns\" >7. Do I need to file GST returns?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/vibrantfinserv.com\/kb\/gst-in-final-accounts\/#8_How_do_I_account_for_GST_on_assets_and_expenses\" >8. How do I account for GST on assets and expenses?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/vibrantfinserv.com\/kb\/gst-in-final-accounts\/#9_What_records_should_I_maintain_for_GST\" >9. What records should I maintain for GST?<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/vibrantfinserv.com\/kb\/gst-in-final-accounts\/#For_further_details_visit_https_vibrantfinservcom\" >For further details visit:\u00a0https:\/\/vibrantfinserv.com\/<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"GST_in_final_accounts\"><\/span><img loading=\"lazy\" decoding=\"async\" class=\"alignright\" src=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/06\/GST-Accounting-and-Finalization-of-Account.jpg\" alt=\"GST in final accounts\" width=\"255\" height=\"134\" \/>GST in final accounts<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;In the final accounts of a business, GST (Goods and Services Tax) is treated as follows:\\n\\n1.Sales: The GST collected on sales is not considered as revenue, but rather a liability to be paid to the government. The total sales value should be recorded separately from the GST amount collected.\\n2.Purchases: The GST paid on purchases can be claimed as input tax credit (ITC), which can be set off against the output tax liability. The total purchase value should be recorded separately from the GST amount paid.\\n3.GST liability: The GST liability is the amount of tax that a business owes to the government after adjusting the ITC against the output tax liability. This liability should be recorded as a separate account in the balance sheet.\\n4.ITC: The ITC that a business has claimed should be recorded as a separate account in the balance sheet. Any ITC that remains unutilized should also be recorded separately.\\n5.GST payable\/receivable: If the GST collected on sales is more than the GST paid on purchases, the difference is a GST payable, which should be recorded as a liability. Conversely, if the GST paid on purchases is more than the GST collected on sales, the difference is a GST receivable, which should be recorded as an asset.\\n6.GST return: The details of the GST collected, GST paid, ITC claimed, and the resulting liability or receivable should be summarized in the GST return. The GST return should be filed with the GST department as per the prescribed due date.\\n\\nIn conclusion, GST should be treated as a separate liability and asset in the final accounts of a business, and the details of the GST collected, GST paid, and ITC claimed should be summarized in the GST return. It is important to maintain proper records and comply with the GST laws to avoid penalties and legal issues.&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:8963,&quot;3&quot;:{&quot;1&quot;:0},&quot;4&quot;:{&quot;1&quot;:2,&quot;2&quot;:65280},&quot;11&quot;:4,&quot;12&quot;:0,&quot;16&quot;:10}\">GST in final accounts, In the final accounts of a business, GST (Goods and Services Tax) is treat as follows:\u00a0<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"1_Sales\"><\/span>1. Sales:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"padding-left: 40px;\">The GST collected on sales is not consider as revenue, but rather a liability to be paid to the government. The total sales value should be record separately from the GST amount collect.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"2Purchases\"><\/span>2.Purchases:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"padding-left: 40px;\">The GST paid on purchases can be claim as input tax credit (ITC), which can be set off against the output tax liability. The total purchase value should be record separately from the GST amount paid.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_GST_liability\"><\/span>3. GST liability:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"padding-left: 40px;\">The GST liability is the amount of tax that a business owes to the government after adjusting the ITC against the output tax liability. This liability should be record as a separate account in the balance sheet.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"4_ITC\"><\/span>4. ITC:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"padding-left: 40px;\">The ITC that a business has claim should be record as a separate account in the balance sheet. Any ITC that remains unutilized should also be record separately.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"5_GST_payablereceivable\"><\/span>5. GST payable\/receivable:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"padding-left: 40px;\">If the <span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;In the final accounts of a business, GST (Goods and Services Tax) is treated as follows:\\n\\n1.Sales: The GST collected on sales is not considered as revenue, but rather a liability to be paid to the government. The total sales value should be recorded separately from the GST amount collected.\\n2.Purchases: The GST paid on purchases can be claimed as input tax credit (ITC), which can be set off against the output tax liability. The total purchase value should be recorded separately from the GST amount paid.\\n3.GST liability: The GST liability is the amount of tax that a business owes to the government after adjusting the ITC against the output tax liability. This liability should be recorded as a separate account in the balance sheet.\\n4.ITC: The ITC that a business has claimed should be recorded as a separate account in the balance sheet. Any ITC that remains unutilized should also be recorded separately.\\n5.GST payable\/receivable: If the GST collected on sales is more than the GST paid on purchases, the difference is a GST payable, which should be recorded as a liability. Conversely, if the GST paid on purchases is more than the GST collected on sales, the difference is a GST receivable, which should be recorded as an asset.\\n6.GST return: The details of the GST collected, GST paid, ITC claimed, and the resulting liability or receivable should be summarized in the GST return. The GST return should be filed with the GST department as per the prescribed due date.\\n\\nIn conclusion, GST should be treated as a separate liability and asset in the final accounts of a business, and the details of the GST collected, GST paid, and ITC claimed should be summarized in the GST return. It is important to maintain proper records and comply with the GST laws to avoid penalties and legal issues.&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:8963,&quot;3&quot;:{&quot;1&quot;:0},&quot;4&quot;:{&quot;1&quot;:2,&quot;2&quot;:65280},&quot;11&quot;:4,&quot;12&quot;:0,&quot;16&quot;:10}\">GST in final accounts<\/span> collect on sales is more than the GST paid on purchases, the difference is a GST payable, which should be record as a liability. Conversely, if the GST paid on purchases is more than the GST collected on sales, the difference is a GST receivable, which should be record as an asset.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"6_GST_return\"><\/span>6. GST return:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"padding-left: 40px;\">The details of the GST collected, GST paid, ITC claimed, and the resulting liability or receivable should be summarize in the GST return. The GST return should be file with the GST department as per the prescribe due date. <span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;In the final accounts of a business, GST (Goods and Services Tax) is treated as follows:\\n\\n1.Sales: The GST collected on sales is not considered as revenue, but rather a liability to be paid to the government. The total sales value should be recorded separately from the GST amount collected.\\n2.Purchases: The GST paid on purchases can be claimed as input tax credit (ITC), which can be set off against the output tax liability. The total purchase value should be recorded separately from the GST amount paid.\\n3.GST liability: The GST liability is the amount of tax that a business owes to the government after adjusting the ITC against the output tax liability. This liability should be recorded as a separate account in the balance sheet.\\n4.ITC: The ITC that a business has claimed should be recorded as a separate account in the balance sheet. Any ITC that remains unutilized should also be recorded separately.\\n5.GST payable\/receivable: If the GST collected on sales is more than the GST paid on purchases, the difference is a GST payable, which should be recorded as a liability. Conversely, if the GST paid on purchases is more than the GST collected on sales, the difference is a GST receivable, which should be recorded as an asset.\\n6.GST return: The details of the GST collected, GST paid, ITC claimed, and the resulting liability or receivable should be summarized in the GST return. The GST return should be filed with the GST department as per the prescribed due date.\\n\\nIn conclusion, GST should be treated as a separate liability and asset in the final accounts of a business, and the details of the GST collected, GST paid, and ITC claimed should be summarized in the GST return. It is important to maintain proper records and comply with the GST laws to avoid penalties and legal issues.&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:8963,&quot;3&quot;:{&quot;1&quot;:0},&quot;4&quot;:{&quot;1&quot;:2,&quot;2&quot;:65280},&quot;11&quot;:4,&quot;12&quot;:0,&quot;16&quot;:10}\">GST in final accounts.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>In conclusion, GST should be treat as a separate liability and asset in the final accounts of a business, and the details of the GST collected, GST paid, and ITC claimed should be summarize in the GST return. It is important to maintain proper records and comply with the GST laws to avoid penalties and legal issues.<\/p>\n<p>&nbsp;<\/p>\n<p>To visit <strong><a href=\"https:\/\/www.gst.gov.in\/\">https:\/\/www.gst.gov.in\/<\/a><\/strong><\/p>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"FAQs\"><\/span>FAQs<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"1How_do_I_record_GST_in_my_accounting_books\"><\/span><strong>1.How do I record GST in my accounting books?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Answer<\/strong>: Record GST as either an input tax (GST paid on purchases) or output tax (GST collected on sales) in your accounts, reflecting it in the respective accounts.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_What_is_Input_GST\"><\/span>2. <strong>What is Input GST?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Answer<\/strong>: Input GST is the GST paid on purchases of goods or services use for business operations. It can be claim as a credit against output GST.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_What_is_Output_GST\"><\/span>3. <strong>What is Output GST?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Answer<\/strong>: Output GST is the GST collect on sales of goods or services provided by the business. It is the liability that the business needs to pay to the government.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"4_How_do_I_treat_GST_in_the_Profit_and_Loss_Account\"><\/span>4. <strong>How do I treat GST in the Profit and Loss Account?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Answer<\/strong>: In the Profit and Loss Account, include only the net revenue (sales minus GST) as income, and record only the expenses net of input GST.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"5_How_do_I_treat_GST_in_the_Balance_Sheet\"><\/span>5. <strong>How do I treat GST in the Balance Sheet?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Answer<\/strong>: Input GST is shown as an asset (recoverable tax) on the asset side, while Output GST is shown as a liability (payable tax) on the liability side of the Balance Sheet.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"6_What_happens_if_my_Input_GST_exceeds_Output_GST\"><\/span>6. <strong>What happens if my Input GST exceeds Output GST?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Answer<\/strong>: If Input GST exceeds Output GST, you can carry forward the excess input GST for future tax periods or claim a refund from the tax authorities.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"7_Do_I_need_to_file_GST_returns\"><\/span>7. <strong>Do I need to file GST returns?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Answer<\/strong>: Yes, businesses must file periodic GST returns (monthly, quarterly, or annually) detailing sales, purchases, input, and output GST.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"8_How_do_I_account_for_GST_on_assets_and_expenses\"><\/span>8. <strong>How do I account for GST on assets and expenses?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Answer<\/strong>: When purchasing assets or incurring expenses, include GST in the total cost of the asset or expense, but ensure to separate it for input tax credit.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"9_What_records_should_I_maintain_for_GST\"><\/span>9. <strong>What records should I maintain for GST?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Answer<\/strong>: Maintain records of all sales invoices, purchase invoices, receipts, and GST returns filed, as these are necessary for accurate accounting and compliance.<\/p>\n<h2><\/h2>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"For_further_details_visit_https_vibrantfinservcom\"><\/span>For further details visit:\u00a0<a href=\"https:\/\/vibrantfinserv.com\/service-detail-9.php\">https:\/\/vibrantfinserv.com\/<\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>Contact:\u00a0\u00a0\u00a0\u00a0 8130555124, 8130045124<\/p>\n<p>Whatsapp:\u00a0\u00a0<u><a href=\"https:\/\/wa.me\/918130555124\" target=\"_blank\" rel=\"noopener\">https:\/\/wa.me\/918130555124<\/a><\/u><\/p>\n<p>Mail ID:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<a href=\"mailto:operations@vibrantfinserv.com\">operations@vibrantfinserv.com<\/a><\/p>\n<p>Web Link:\u00a0\u00a0\u00a0<u><a href=\"https:\/\/vibrantfinserv.com\/\">https:\/\/vibrantfinserv.com<\/a><\/u><\/p>\n<p>FB Link:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<u><a href=\"https:\/\/fb.me\/vibrantfinserv2\" target=\"_blank\" rel=\"noopener\">https:\/\/fb.me\/vibrantfinserv<\/a><\/u><\/p>\n<p>Insta Link:\u00a0\u00a0<u><a href=\"https:\/\/www.instagram.com\/vibrantfinserv2\/\" target=\"_blank\" rel=\"noopener\">https:\/\/www.instagram.com\/vibrantfinserv2\/<\/a><\/u><\/p>\n<p>Twitter:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<u><a href=\"https:\/\/twitter.com\/VibrantFinserv\" target=\"_blank\" rel=\"noopener\">https:\/\/twitter.com\/VibrantFinserv<\/a><\/u><\/p>\n<p>Linkedin:\u00a0\u00a0\u00a0\u00a0<u><a href=\"https:\/\/www.linkedin.com\/in\/vibrant-finserv-62566a259\/\" target=\"_blank\" rel=\"noopener\">https:\/\/www.linkedin.com\/in\/vibrant-finserv-62566a259\/<\/a><\/u><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-7759 aligncenter\" src=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/06\/gst-query-300x156.jpg\" alt=\"\" width=\"239\" height=\"124\" srcset=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/06\/gst-query-300x156.jpg 300w, https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/06\/gst-query.jpg 311w\" sizes=\"auto, (max-width: 239px) 100vw, 239px\" \/><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; GST in final accounts GST in final accounts, In the final accounts of a business, GST (Goods and Services Tax) is treat as follows:\u00a0 1. Sales: The GST collected on sales is not consider as revenue, but rather a liability to be paid to the government. The total sales value should be record separately\u2026 <span class=\"read-more\"><a href=\"https:\/\/vibrantfinserv.com\/kb\/gst-in-final-accounts\/\">Read More &raquo;<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":7667,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1459,7,61],"tags":[40976,43047,1569,2152,32471,34336,804,42310,43049,5119,1550,43055,43052,1498,19813,43044,53,1085,43061,5625,3152,519,511,43058,17106,43053,1956,43045,43059,43046,43050,43056,43063,2036,5137,5130,5066,786,1132,3210,639,2439,976,43043,1983,2027,1070,369,2577,698,31045,4879,43028,43048,43051,2351,1410,43042,43062,21290,4852,1955,4903,43057,43041,4915,43060,18772,4913,21195,43040,21158,5141,21218,21164,21167,7896,43054,21236,1438,10398,16280,21092,7613,21174,22598,18771,7890,22630,21176,21245,2067,22286,1858,4905,243,23000],"class_list":["post-1267","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-account-finance","category-bookkeeping-and-accounting","category-gst-compliance","tag-accountingbestpractices","tag-accountingconsultancy","tag-accountingeducation","tag-accountingexpertise","tag-accountingguidelines","tag-accountinghelp","tag-accountinginsights","tag-accountingproblems","tag-accountingresources","tag-accountingsoftware","tag-accountingstandards","tag-accountingstandardsadvice","tag-accountingstandardsupdates","tag-accountingtips","tag-accountingtipsandtricks","tag-accountingtroubleshooting","tag-businesscompliance","tag-businessfinance","tag-businessfinanceguidance","tag-businessfinancemanagement","tag-businessfinances","tag-businesstax","tag-businesstaxation","tag-businesstaxconsulting","tag-businesstaxplanning","tag-businesstaxstrategy","tag-finalaccounts","tag-finalaccountsadvice","tag-finalaccountsconsultation","tag-finalaccountsguidance","tag-finalaccountsmanagement","tag-finalaccountssolutions","tag-finalaccountssupport","tag-financialaccuracy","tag-financialadvisory","tag-financialconsulting","tag-financialefficiency","tag-financialguidance","tag-financialhealth","tag-financialintegrity","tag-financialmanagement","tag-financialmanagementtips","tag-financialreporting","tag-financialreportingtips","tag-financialreview","tag-financialstability","tag-financialstatements","tag-financialstrategy","tag-financialsuccess","tag-financialwellbeing","tag-gstaccounting","tag-gstadvisory","tag-gstanalysis","tag-gstauditing","tag-gstbookkeeping","tag-gstcalculation","tag-gstcompliance","tag-gstconsultation","tag-gstconsulting","tag-gstexperts","tag-gstfiling","tag-gsthandling","tag-gstimplementation","tag-gstimplementationtips","tag-gstinfinalaccounts","tag-gstmanagement","tag-gstmanagementadvice","tag-gstprocedures","tag-gstreporting","tag-gsttraining","tag-gsttreatment","tag-gstupdates","tag-taxaccounting","tag-taxationadvice","tag-taxationadvisory","tag-taxationchallenges","tag-taxationconsultant","tag-taxationenquiries","tag-taxationexperts","tag-taxationguidelines","tag-taxationinsights","tag-taxationissues","tag-taxationknowledge","tag-taxationlaw","tag-taxationmanagement","tag-taxationprinciples","tag-taxationprocedures","tag-taxationprocess","tag-taxationprofessionals","tag-taxationreporting","tag-taxationreview","tag-taxationrules","tag-taxationsupport","tag-taxationsystem","tag-taxationupdates","tag-taxcompliance","tag-taxsolutions"],"yoast_head":"<!-- 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