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
1. Local Purchase @ 18% and Inter-State Purchase @ 18%
2. Local Sales @ 18% and
Inter-state Sales @ 18%
3. CGST (Input / Output) with 9%
4. SGST (Input / Output) with 9%
6. LOCAL Creditor (Jankidas)
7.
INTER -STATE Creditor (Vikas)
9.
INTER-STATE Debtor
Create
All Ledger with Correct Group and Back to Gateway of Tally
· Masters - Create
- Units
· Masters - Create - Stock
Group
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 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.
·