{"id":12802,"date":"2024-09-23T09:24:12","date_gmt":"2024-09-23T09:24:12","guid":{"rendered":"https:\/\/www.indifi.com\/blog\/?p=12802"},"modified":"2026-05-08T11:17:38","modified_gmt":"2026-05-08T11:17:38","slug":"what-is-gst-accounting-transactions-and-entries-under-gst","status":"publish","type":"post","link":"https:\/\/www.indifi.com\/blog\/what-is-gst-accounting-transactions-and-entries-under-gst\/","title":{"rendered":"What is GST Accounting – Transactions and Entries Under GST"},"content":{"rendered":"
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Goods and Services Tax, popularly known as GST, is a destination-based indirect tax that is levied on goods and services supplied in India. It was introduced in 2017 and has brought about an almost complete change in the Indian taxation system since then. Proper accounting for this GST by a business ensures compliance and ITC claiming. <\/p>\n\n\n\n

It also contributes to good health for an enterprise’s financial system. During the April-December 2023 period, gross GST collection witnessed a robust 12% year-on-year growth, reaching \u20b914.97 lakh crore, as against \u20b913.40 lakh crore collected in the same period of the previous year (April-December 2022). This blog post explains the details of accounting for GST, including major transactions and journal entries, with their impacts.<\/p>\n\n\n

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\"GST<\/a><\/figure><\/div>\n\n\n

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