Understanding GST accounting entries is one of the biggest challenges for eCommerce sellers and accounting students. Most people get confused about why certain accounts are debited or credited, and how these entries affect the Balance Sheet and Profit & Loss account. In this reel, I have explained the monthly GST entries in the simplest way possible, focusing only on GST (Part 1). When you purchase goods, the purchase account increases as an expense in P&L, while the GST paid is not your cost. I

GST Reforms: Removal of 12% & 28% tax slabs from Goods & Services Tax #gst #facts #pmmodi #taxes | Tathastu ICS