• Reporter: Manoj
    Published: Monday, December 28, 2020
    A- A+

                                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 1st 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 1st 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 Reportif 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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