A Gst registered dealer and it returns filed person receipts and payments transactions through on UPI mode (google pay and phone pay and paytam modes etc). Question: 1.UPI modes payment and receipts accepted in gst and it act. 2.receipts and payment through on UPI modes how the accounting entry passed procedure of tally accounting software used person.
UPI payment are always accepted under GST and income tax act. UPI transaction are legal and there is no question of non acceptance of this mode of transaction. UPI transaction are treated at par with other net banking transactions.
Receipts or payment done through UPI are directly debited or credited in your bank account…When sale proceeds are received through UPI…Enter it in sale book aa follows…
Bank A/c Dr.
When payment for any expenses is done through UPI…Enter this as follows:-
Expenses/ purchases Dr.
To Bank account.