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TMI BlogPROPOSED ACCOUNTING SYSTEM UNDER GSTX X X X Extracts X X X X X X X X Extracts X X X X ..... r required, to account for various taxes. 90. 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 each State. SGST will not be reflect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ollowing in this regard: 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. b) PAO is the sole authority for receipt, payment and reconciliation of accounts book with Bank Reconciliation statement (BRS). c) Any compromise on this fundamental work flow may lead to legal complications ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... S. No. Type of Tax Liability Sample Accounting Code 1 CGST - Tax 00010001 2 CGST Interest 00010002 3 CGST Penalty 00010003 4 CGST Fees ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 15 SGST Other 00030005 16 Additional Tax Tax 00040001 17 Additional Tax Interest 00040002 18 Additional Tax Penalty 00040003 19 Additional Tax Fe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ll be conducted periodically by a CERT-IN empanelled agency selected by the office of Pr. CCA, CBEC, or by a designated authority of States/UTs so as to ensure correctness of revenue collections. - - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TM ..... X X X X Extracts X X X X X X X X Extracts X X X X
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