GST Accounting

GST Adjustments Discount allowed to customers Bad debts written off Customer returns goods(Sales returns) Business returns goods to supplier(purch returns)

Cash basis GST liability arises when payment is received Entitlements to an input tax credit arises when payments are made Entities with annual turnover <$1,000,000 an use cash basis

The debits and credits Ledger accounts to be used Gst payable control account Input tax control account Gst payable adjustment control account Input tax credit adjustment control account