ALL IMPORTANT STATUTORY JOURNAL ENTRIES – GST, TDS, TCS, EPF, ESI, EPS
1. GST (Goods and Services Tax)
a) On Purchase of Goods with GST
Purchase A/c Dr
Input CGST A/c Dr
Input SGST A/c Dr
To Vendor A/c
b) On Sale of Goods with GST
Debtor A/c Dr
To Sales A/c
To Output CGST A/c
To Output SGST A/c
c) GST Paid to Government
Output CGST A/c Dr
Output SGST A/c Dr
To Input CGST A/c
To Input SGST A/c
(Balance payable transferred to GST Payable A/c)
GST Payable A/c Dr
To Bank A/c
2. TDS (Tax Deducted at Source)
a) On Expenses where TDS is applicable
Expense A/c Dr
To TDS Payable A/c
To Creditor A/c
b) On Payment to Creditor
Creditor A/c Dr
To Bank A/c
c) On TDS Payment to Government
TDS Payable A/c Dr
To Bank A/c
3. TCS (Tax Collected at Source)
a) On Sale where TCS is applicable
Debtor A/c Dr
To Sales A/c
To TCS Payable A/c
b) On Payment of TCS to Government
TCS Payable A/c Dr
To Bank A/c
4. EPF (Employees’ Provident Fund)
a) At the time of salary provision
Salary A/c Dr
To EPF Payable A/c
To EPS Payable A/c
b) At the time of payment to employee
Salary Payable A/c Dr
To Bank A/c
c) At the time of payment to EPFO
EPF Payable A/c Dr
EPS Payable A/c Dr
Employee’s EPF Contribution A/c Dr
To Bank A/c
5. ESI (Employees’ State Insurance)
a) At the time of salary provision
Salary A/c Dr
To ESI Employer Contribution Payable A/c
To ESI Employee Contribution Payable A/c
To Salary Payable A/c
b) At the time of payment to employee
Salary Payable A/c Dr
To Bank A/c
c) At the time of ESI payment to Govt
ESI Employer Contribution Payable A/c Dr
ESI Employee Contribution Payable A/c Dr
To Bank A/c
6. EPS (Employees’ Pension Scheme – Part of EPF)
To EPS Payable A/c
On Payment:
EPS Payable A/c Dr
To Bank A/c
Tips for Accuracy:
Always check threshold limits (e.g., TDS applicability).
Employer contributions are company expenses.
EPS doesn’t have an individual employee account – it goes to Govt pension pool.
GST entries differ slightly for IGST (interstate transactions).
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