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Presentation FOR VCM on
“Tally ERP-9 for Effective GST Compliance” organised by WICASA of WIRC of ICAI on 04-09-2020
By CA. Vandana V. Dodhia
GST - Compliance
Manufacturing Trading Services
Company Stock Group
Stock Item
F11:Enable Features / F12:Configure
Company A/C
Group A/C
Ledger
Customer / Vendor / Tax Ledger
Exception Report
Export GST Return 2
Configuration Required
Report must be derived based on valid Inputs & Inputs for Software are as follows:
• Master Configuration
• Transaction Level
• Reporting Level
3
Master Configurations
• Party & Tax Ledgers Configurations
• Outward and Inward Supply Ledgers, Provisions
• Control Accounts Ledgers
4
Party & Tax ledgers
Party ledgers should have:
• Proper GSTN updated
• Selection of Registered , URD, Composition or Consumer
• Other territory, Ecommerce operator
• Tax ledgers should have CGST , IGST, SGST, CESS configuration
5
GST Rates Hierarchy & Inheritance
Company level
Stock Group
Stock Item
Ledger Group
Ledger
Transaction
6
Party Ledger Configurations
7
Tax Ledger Configurations
8
Supply Ledgers and Control Accounts
• Enablement of GST Rates at master level and effective from date.
• 27 nature of outward transactions
• 31 nature of transaction for inward supply
• Configure capital Items, Current Liability, goods or supply
• Eligible credit or not
• And is NON-GST goods.
9
27 Nature Of Outward Supply Transactions
10
31 Nature Of Inward Supply Transactions
11
Voucher type configuration
• Numbering system
• Auto Account Ledger Selection
• Journal configuration for Adjustment JV’s
• Expense Journals
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Outward Supply Transactions
1. B2C Supply
2. B2B Supply
3. Export of Goods
4. Sale to SEZ
5. Deemed Export Sales
6. Advance Receipt Against Sales
7. Credit Notes
8. Export without payment of Tax (LUT Bond)
9. Exempted Supply
10.Nil Rated Supply
11.Non-GST Supply
13
B2C Sales Transaction
14
B2B Sales Transaction
15
Export Sale of Goods
16
Supply to SEZ
17
Deemed Export Sales
18
Advance Receipt Entry
19
Advance Receipt – Increase of Tax Liability
20
Advanced Receipt adjusted in Sales
21
Advance Receipt – Decrease of Tax Liability
22
Credit Notes on Sales
23
Export without payment of Tax (LUT Bond)
24
Exempted Supply
25
Nil Rated Supply
26
Non-GST Supply
27
Inward Supply Transactions
1. Normal Taxable Inward Supply
2. Inward Supply of Capital Goods
3. Inward Supply - Ineligible for GST + Adjustment JV
4. Inward supplies from URD liable to RCM + Adjustment JV
5. Inward supplies from registered dealer liable to RCM + Adjustment JV
6. Import of Goods
7. Import of Services + Adjustment JV
28
Inward Supply of Goods (Registered Dealer)
29
Inward Supply of Capital Goods
30
Inward Supply – Ineligible for GST
31
Reversal of ITC on Ineligible Goods
32
Inward Supply from URD - RCM
33
Increase of Tax Liab on Purchase from URD
34
Payment of Tax on Purchases under RCM
35
Increase of ITC on Purchase from URD
36
Inward supplies from registered dealer liable to RCM
After this entry three entries needs to be passed (as shown earlier in RCM) 1. Increase of Tax Liability 2. Payment of Tax 3. Increase of Input Tax Credit
37
Import Of Goods
38
Import of Services
After this entry three entries needs to be passed (as shown earlier in RCM) 1. Increase of Tax Liability 2. Payment of Tax 3. Increase of Input Tax Credit
39
Adjustment Entries in GST
1. Reversal of ITC on nonpayment to supplier under rule 37(2)
2. Reversal of ITC on non business supplies under rule 42
40
Reversal of ITC on non payment to buyer under rule 37(2)
41
Reversal of ITC on non business supplies under rule 42
42
IGST Setoff Entry
Nature Dr / Cr Ledger A/c Amt Amt
IGST Setoff Entry
Dr Output IGST A/c XXX
Cr To Input IGST A/c XXX
Cr To Input CGST A/c
XXX
Cr To Input SGST A/c
XXX
Select Adjustment Class – Decrease of Tax Liability – Adjustment against Credit
43
CGST Setoff Entry
Nature Dr / Cr Ledger A/c Amt Amt
CGST Setoff Entry
Dr Output CGST A/c XXX
Cr To Input CGST A/c XXX
Cr To Input IGST A/c
XXX
Select Adjustment Class – Decrease of Tax Liability – Adjustment against Credit
44
SGST Setoff Entry
Nature Dr / Cr Ledger A/c Amt Amt
SGST Setoff Entry
Dr Output SGST A/c XXX
Cr To Input SGST A/c XXX
Cr To Input IGST A/c
XXX
Select Adjustment Class – Decrease of Tax Liability – Adjustment against Credit
45
Thank you for being A wonderful audience!!
VANDANA V. DODHIA & CO.
46