GST(Goods and service tax )
What is income tax? A compulsory financial support or contribution imposed by the government on income to raise revenue income property whealth,sales,cost and services is called income tax There are three types of tax existing of india 1 Direct tax:-A tax which is directly imposed on a person is called Direct tax. Example income tax,profational,whealth tax 2 Indirect tax:- A tax in which the burden of tax sifted to consumer is called indirect tax.Example at present GST/VAT/EXCISE DUTY/CUSTOM DUTY/OCTROY/CST…….. Introduction of GST GST Percentage slab 1)0% 2)5%( 3)12% 4)18% 5)28%(on luxury item) Tax is two types 1) Direct tax 2) indirect tax 2.1)GST 2.1.1)Intra state GST 2.1.2)Inter state GST 2.1.1.1)CGST 2.1.1.2)SGST 2.1.2.1)IGST(CENTRAL GOVERNMENT GST) JOURNAL ENTRIES 1 Purchase account Dr 100000 Input CGST account Dr 14000 Input SGST account Dr 14000 To Bank account 128000 (Being good purchase) 2 Bank accou...