Para 8 - ACCOUNTING SYSTEMS UNDER GST - Report on - Business Processes for GST - Payment - [April 2015]

ACCOUNTING SYSTEMS UNDER GST: 87. State governments/UTs accounting system also follows, to a large extent, the general principles and procedures of Central government accounting, with minor variations in respect of classification of tax heads of accounts. While the List of Major and Minor Heads of accounts are common to both Central and State/UT Governments accounts, classification below Minor Heads may vary at the State level. 88. Under the proposed GST regime, it is recommended that a uniform system of banking arrangement for both the Central and State/UTs governments to facilitate fund flow, reporting and accounting may be framed.