| Particulars | Rs. | Particulars | Rs. |
|---|---|---|---|
| Capital | XXX | Fixed assets | XXX[Decrease] |
| Current liabilities | XXX | Current assets | XXX |
| Tax payable | XXX | Credit receivable | XXX |
Since input credits are now available for both capital goods and services like installation and inspection that are related to such goods, the effective cost of fixed assets will decrease. There will be changes to tax payable and credit receivable as well.
Instead of maintaining the current excise payable, CENVAT credit, VAT payable, VAT credit, and service tax accounts, there will only be three accounts under each of them: SGST, CGST, and IGST.
