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Unit V GST Functionality

GST functions

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26 views12 pages

Unit V GST Functionality

GST functions

Uploaded by

augustrain058
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Activating GST in Tally

➢ To use GST (Goods and Services Tax) features in Tally, it is mandatory to


enable or activate GST in Tally.
➢ After activation of GST feature in Tally. ERP 9, all the GST related features
are available for all general ledgers, stock items and transactions in Tally.

Refer below step by step procedure to activate GST in Tally.

Step 1: From Gateway of Tally, click on F11: Features or press function key F11.

Step 2: Under company features options, choose Statutory & Taxation or press
function key F3.

Notes By: - Asst. Prof. Pathade G.P.


Step 3: In next screen company operation alteration, enter the following details.

• Enable Goods and Services Tax (GST): Yes


• Set/alter GST details: Yes

Step 3.1: When you enable “Yes” for Set/alter GST details, the following screen
appears.

Notes By: - Asst. Prof. Pathade G.P.


Step 4: Now you need to update all the required details of GST.

• State: It automatically displays state name based on the state you have
updated in company.
• Registration Type: Choose GST registration type as “Composition” or
“Regular.
• GSTIN/UIN: Update the Goods and Services Tax India (GSTIN) number,
this GSTIN can be printed on invoices.
• Applicable from: Enter the date that GST will be applicable from for
transactions.
• Periodicity of GST: Enter the periodicity of GST as Monthly or Quarterly as
per requirements of company.
• e-Way bill applicable: Choose this option as “Yes”
▪ Applicable from: Enter the date that e-way bill to be applicable from
▪ Threshold limit includes: It can be based on invoice value / taxable and
exempt goods value / taxable goods value
▪ Threshold limit: Enter the amount value of threshold limit allowed
▪ Applicable for intrastate: Choose option as “Yes”, if it is applicable to
your state
▪ Threshold limit: Enter threshold limit for intraste
• Enable tax liability on advance receipts: Choose “Yes” to activate tax
liability on advance receipts
• Set/alter GST rate details: Choose Yes to set or alter GST rate details at
company level.
• Enable GST classifications: Choose Yes to activate GST classifications.

Notes By: - Asst. Prof. Pathade G.P.


After entering all the required details for activation of GST in Tally, choose “Yes”
to accept the data and save the details in Tally.

Notes By: - Asst. Prof. Pathade G.P.


Creating GST Masters-(CGST)

CGST stands for Central Goods & Services Tax. It is an Intra-State supply of
goods or services. It is collected by the Central Government.
For Example: - Mumbai to Pune
e.g.: - Maharashtra to Maharashtra
Create CGST Ledger: -
Step 1:- Go to Gateway of Tally → Accounts Info. → Ledgers → Create

Step 2: - In Under, select Duties & Taxes.


Step 3: - Select GST as the Type of duty/tax.
Step 4: - Select Central Tax as the Tax type.

Notes By: - Asst. Prof. Pathade G.P.


Creating GST Masters-(SGST)

SGST stands for State Goods & Services Tax. It is an Intra-State supply of goods
or services. It is collected by the State Government.

For Example: - Satara to Nashik


e.g.: - Maharashtra to Maharashtra

Create CGST Ledger: -


Step 1:- Go to Gateway of Tally → Accounts Info. → Ledgers → Create

Step 2: - In Under, select Duties & Taxes.


Step 3: - Select GST as the Type of duty/tax.
Step 4: - Select State Tax as the Tax type.

Notes By: - Asst. Prof. Pathade G.P.


Creating GST Masters-(IGST)

IGST stands for Integrated Goods & Services Tax. It is an Inter-State supply of
goods or services. It is collected by the Central Government.

For Example: - Solapur to Humpy


e.g.: - Maharashtra to Kernataka

Create IGST Ledger: -


Step 1: - Go to Gateway of Tally → Accounts Info. → Ledgers → Create

Step 2: - In Under, select Duties & Taxes.


Step 3: - Select GST as the Type of duty/tax.
Step 4: - Select State Tax as the Tax type.

Notes By: - Asst. Prof. Pathade G.P.


Recording GST Transactions-Purchase

The purchase of goods or services from a supplier in the same state attracts central
tax and state tax.

1. Go to Gateway of Tally > Accounting Vouchers > F9: Purchase.

Supplier invoice no.: Enter the sales invoice no. of the supplying party.

Date: Enter the date on which the sales invoice was passed by the supplier.

2. In Party A/c name, select the supplier's ledger or the cash ledger.

3. Select the purchase ledger applicable for local taxable purchases.

4. Select the required items, and specify the quantities and rates.

5. Select the central and state tax ledgers.

You can view the tax details by clicking A: Tax Analysis. Click F1: Detailed to
view the tax break-up.

Notes By: - Asst. Prof. Pathade G.P.


Recording GST Transactions-Sales

The Sales of goods or services to the supplier in the same state attracts central tax
and state tax.

1. Go to Gateway of Tally > Accounting Vouchers > F8: Sales.

Notes By: - Asst. Prof. Pathade G.P.


2. In Party A/c name, select the customer ledger or the cash ledger.

3. Select the common sales ledger in which GST rate is not defined.

4. Select the stock items defined with different GST rates, and specify the
quantities and rates for each of them.

5. Select the central and state tax ledgers. GST will be calculated based on the GST
rates defined in the stock items.

You can view the tax details by clicking A: Tax Analysis. Click F1: Detailed to
view the tax break-up.

6. In the sales invoice, press Alt+P to print the invoice in the required format.

Notes By: - Asst. Prof. Pathade G.P.


Printing GST Tax Invoice

In the sales invoice, press Alt+P to print the invoice in the required format.

Notes By: - Asst. Prof. Pathade G.P.


For multiple copies:

Press Alt+P and then Alt+C to select the number of copies.

Notes By: - Asst. Prof. Pathade G.P.

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