Self Adhyan Guruji

By Manoj → Monday, December 28, 2020

                            GST TAX CALCULATION METHOD

Tally PRIME

GST - Feature - Wise Tax

         Create New Company - Accept Company Details - Activate GST - Yes

     ·    Select the Firm Registration Type (Regular)

 

              ·     Select the GSTR1 Return filing - if more than 1.5 Crores. (select monthly                         return) otherwise below 1.5 Crores select (Quarterly return)

                 ·       GST Feature wise tax - set below option –Yes

            ·       After set - Yes (fill following details) - e.g. Description - HSN/SAC code and             Tax Rate.

Ledger Creation

       Masters  - Create

       1. Local Purchase @ 18% and Inter-State Purchase @ 18%

        Under - Purchase A/c

       2. Local Sales  @ 18% and Inter-state Sales @ 18%

        Under - Sales A/c

       3. CGST (Input / Output) with 9%

 

            

          4. SGST (Input / Output) with 9%

          5. IGST

           6. LOCAL Creditor (Jankidas)

        7. INTER -STATE Creditor (Vikas)

     8. Local Debtor

 

        9. INTER-STATE Debtor

       Create All Ledger with Correct Group and Back to Gateway of Tally

Inventory Create 

 

                 ·   Masters - Create - Units             
 

  

              

                       ·   Masters - Create - Stock Group   
 

·                      ·        Create - Stock Item 

    1. Usha fan

        

     

       2. Bajaj Fan

         

      After create Inventory Details back to Gateway of Tally

      Gateway of Tally -  Voucher

      (Press f9) Purchase 

       1. Local Purchase

       Purchase 40 PCS USHA FAN from Jankidas @ Rs .300 Each. GST Applicable @            18%

       (CGST 9% / SGST 9%) on 1^st Apr (Supplier invoice number – 123)

    

        2. Inter-State Purchase

        Purchase 30 PCS Bajaj FAN from Vikas @ Rs .500 Each. GST Applicable @ 18% 

        (IGST 18%) – Supplier invoice number – 453- Purchase on 1^st Apr 

 (I 

      After Complete Purchase Check GSTR2 Summary, here we can found our total              ITC (input Tax credit).

     Gateway of Tally à Display - GST Report  - GSTR-2

  

 B2B - Means Company purchase goods from registered dealer (Local / Inter-state)

Press Enter for more details on B2B invoices, and following entries shows

     After Check Report, if we sales Product to Party - B2B (Regular Dealer)

    Gateway of Tally à Voucher - Press F8

     1. Sold 10 PCS. USHA FAN to Mr. Harish. @ 450 Rs. - Discount 2% (GST 18%)

     Note:-

     Open - Use Discount column in Invoices from F11 .

   

      2. Sold 10 PCS BAJAJ FANS to Mr. Maneet Sharma @ Rs 700. (GST Applicable)              18% and Freight charges Rs 450.

       Note - Create Ledger Freight charges - Under - (Indirect Expenses)

    

  Check GSTR1 Report for Sales Tax Summary (* Show if Correct GST for Debtor)

  

  Our ITC is more than for Sales Tax Amount - So in the month of April our Tax                Liability   is 0 (Zero) Rupees.

  For full Report while Upload GSTR on Web Portal - Check GSTR-3B - this is Upload    on Web Portal for Filing Return.

    ·       Check balance Sheet for Duties & Taxes 

    Now our Reaming ITC Amount show  2,806 Rs. show on balance Sheet in Current          Liabilities Section (If  Minus Sign Show (-) then It means our ITC Available                   otherwise if Minus sign not show , It means we have to pay that tax to the                         government that is our liability)

   We can also check Outstanding Payable and Outstanding Receivable Amount           from Party-

   Display - Statement of Accounts - Outstanding - (Payable/ Receivable)

   Note- (while creating Part Ledger - Set Bill by Bill option - 'Yes') otherwise report not     show (Press Alt+F1 for show All Entry in Details_

 

                                             GST-Feature Tax (Practical Question)

         Q-Calculate total GST Payable by the XYZ firm for following transaction

     à GST (Feature wise) - 28%

             Purchase from Mr. Ajay , Local (Delhi) GST No - 07AADCB2230M1ZV

·                                        ·       20 PCS DELL LED, 22 Inch @Rs. 9500 each on 1st May

·                                        ·       10 PCS HP LED, 21.5 Inch @ Rs 9200 each on 2nd May

              (Discount - 5% on Above Item)

 

             Purchase from Mr. Sunil , Inter-State (Kerala) GST No - 32AAACC4175D1Z7

·                                        ·       10 PCS HCL Laptop, i3 @ Rs 19500 each on 1st May

             ·       15 PCS Lenovo Laptop, i7 @ Rs 24500 each on 2nd May

              (Note- Discount - 7.5% on HCL Brand)

 

            Total GSTR2  - 2,28,417.00 Rs

        Note - If Tax not show , change the period according to transaction.

        Sold to Mr. Chetan , Inter-State (Bihar) GST No - 10AABCS1429B1Z9 on 1st June

            ·       12 PCS DELL LED, 22 Inch @Rs. 10200 each

              ·       7 PCS HP LED, 21.5 Inch @ Rs 9800 each

              ·       12 PCS Lenovo Laptop, i7 @ Rs 26500 each

 

            Sold to Mr. Prakash , Inter-State (Rajasthan) GST No - 08AAACH2702H1Z0 on 2nd                      June

               ·       7 PCS DELL LED, 22 Inch @Rs. 10300 each

·                      ·       3 PCS HP LED, 21.5 Inch @ Rs 9900 each

         ·       10 PCS HCL Laptop, i7 @ Rs 21000 each (Discount - 5%)

          

          Total GSTR1  - 2,26,884 Rs

   

               Total GST Payable - No GST Payable because GSTR1 is More than GSTR2

                ·       Show balance sheet for check 

        Note -  if Duties and taxes show in negative , it means output tax is lower and Input tax is            higher. if Output tax is higher we have to pay (FILL GSTR) the amount show in duties and taxes section.

 

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