India has simplified Tax mechanism by introducing GST.  For any business entity – society, Shopping Centre, Corporate Park, Tax handling is very critical.

Few Questions to be answered are:

Tax is Asset or Liability?

The answer is both.

Tax as Asset

TDS Receivable, Input SGST, Input CGST, Input IGST are treated as Current Assets.

Tax as Liability

TDS Payables, Output SGST, Output CGST, Output IGST are treated as Current Liabilities.

Consideration in Factech Accounting Books Software

In Factech Accounting, you can make Tax Heads under 2 different groups in Asset and Liability.

Asset Group for Tax

• Tax Receivables: TDS Receivable, Input SGST, Input CGST, Input IGST

Liability Group for Tax

• Tax Payables: TDS Payable, Output SGST, Output CGST, Output IGST

How to add new group?

How to add new group?