As per my knowledge and as per your demand, I am sharing accounting treatment and voucher entries of GST in Tally.ERP 9. Still, there is need of improvement in this content because GST is new concept and Tally Solution company is busy in developing new software. So, as I will gain new knowledge, I will update this content.
1st Step : Ledger Creation Of Input and Output GST in Tally.ERP 9
GST has divided into main two parts one is State GST ( SGST) and Central GST ( CGST). If goods will be supplied from one state to other state, IGST will apply. So, we will create Input SGST and Input CSGT and Input IGST and Output SGST and Output CGST and Output IGST.
2nd Step : Ledger Creation of Purchase, Sale, Debtors and Creditors and Cash Electronic Register in Tally.ERP 9
Purchase will be under purchase account. Sales will be under sales account. Debtor will be under Sundry debtors account and creditor will be under Sundry Creditors Account. Cash Electronic Register Account will be decided on the basis of balance of GST, if it is receivable, then this account will be under current asset, otherwise, it will be current liability.
Mr. C is Credior
Mr. B is creditor
3rd Step : Ledger Creation of Expenses
For example, internet bill expenses will be under indirect expenses.
4th Step : Create Stock Item and Unit Measurement
Just go to Inventory info and create stock item and unit measurement
We will create Note Books because it has 18% which we will show in tally through example.
Voucher Entries of Sales with GST
Expenses Payment Voucher Entries with GST
6th Step : Check Net GST Liability or Receivable Credit from GST
Just go to balance sheet, then go to duty and taxes and then go to monthly report.
Rs. 126 is our current asset because we have paid more GST on purchase goods and services and received less from our customer. So, we have to receive from GST department in our online bank account under cash electronic ledger account. So, following voucher entry will pass
Cash Electronic Register Account Dr. 126
Output CGST Account Dr. 567
Output SGST Account Dr. 567
Input CGST Account Credit 630
Input SGST Account Credit 630
In our balance sheet, Cash Electronic Register Account will show as current asset.
1st Step : Ledger Creation Of Input and Output GST in Tally.ERP 9
GST has divided into main two parts one is State GST ( SGST) and Central GST ( CGST). If goods will be supplied from one state to other state, IGST will apply. So, we will create Input SGST and Input CSGT and Input IGST and Output SGST and Output CGST and Output IGST.
2nd Step : Ledger Creation of Purchase, Sale, Debtors and Creditors and Cash Electronic Register in Tally.ERP 9
Purchase will be under purchase account. Sales will be under sales account. Debtor will be under Sundry debtors account and creditor will be under Sundry Creditors Account. Cash Electronic Register Account will be decided on the basis of balance of GST, if it is receivable, then this account will be under current asset, otherwise, it will be current liability.
Mr. C is Credior
Mr. B is creditor
3rd Step : Ledger Creation of Expenses
For example, internet bill expenses will be under indirect expenses.
4th Step : Create Stock Item and Unit Measurement
Just go to Inventory info and create stock item and unit measurement
We will create Note Books because it has 18% which we will show in tally through example.
5th Step : Pass the Voucher Entries of Purchase and Sales and Expenses with GST in Tally.ERP 9
Intra-state Transactions ( Buyer and Seller in Same State)
A - Indian Company with GST buy notebook of Rs. 2,00,000 from Mr. C
A - Indian Company with GST sold notebook to Mr. B Rs. 1,40,000
He paid Internet Bill of Rs. 2000 ( It is IT and Telecom service )
GST is 18% which is divided equal to CGST 9% and 9% SGST
A - Indian Company with GST buy notebook of Rs. 2,00,000 from Mr. C
A - Indian Company with GST sold notebook to Mr. B Rs. 1,40,000
He paid Internet Bill of Rs. 2000 ( It is IT and Telecom service )
GST is 18% which is divided equal to CGST 9% and 9% SGST
In the Books of A - Indian Company with GST
Voucher Entries of Purchase with GST
Expenses Payment Voucher Entries with GST
6th Step : Check Net GST Liability or Receivable Credit from GST
Just go to balance sheet, then go to duty and taxes and then go to monthly report.
Rs. 126 is our current asset because we have paid more GST on purchase goods and services and received less from our customer. So, we have to receive from GST department in our online bank account under cash electronic ledger account. So, following voucher entry will pass
Cash Electronic Register Account Dr. 126
Output CGST Account Dr. 567
Output SGST Account Dr. 567
Input CGST Account Credit 630
Input SGST Account Credit 630
In our balance sheet, Cash Electronic Register Account will show as current asset.
sir u r consedering only normal,sales and purchase ,,,please give examples on reverse charge basis also ,,and acconts to be maintained
ReplyDeleteSure dear.
Deletethank u
ReplyDeleteThanks Kundan Kumar ji for reading my new content.
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