20/07/2017

How to Deactivate VAT, Service Tax and Excise in Tally?

From 1st July onwards VAT (Value Added Tax), Service Tax & Excise Duty subsumed in GST. But return for all these taxes is still to be filed (except Excise). 

From 1st July assessee raised all bills of goods and services with GST tax. Assessee can charge tax as per applicable GST Rates. Tally make software very easy to use for their users. Specially small traders whose are very badly effective with GST and puzzle how to maintain their accounts. 

So In Delhi Last date of filing of DVAT Return is 25th July 2017 (not extended yet) and Service Tax return last date is 15th August 2017.
After that you do not need to work for VAT, Service Tax and Excise. So you can deactivate all these taxes in Tally for safer side.

How to Deactivate VAT in Tally.

To deactivate VAT Feature in Tally. Create a accounting Voucher - Press F11 - F3 go to Enable VAT - Yes - Alter Vat Details - Yes and enter deactivate date from 01-07-2017.

or

Press F11 to Gateway of Tally and Select Statutory and Taxation - Enable VAT - Yes - Alter Vat Details - Yes and enter deactivate date from 01-07-2017.

How to Deactivate VAT, Service Tax and Excise in Tally?

Same settings will be applicable for Excise & Service Tax.

How to Deactivate VAT, Service Tax and Excise in Tally?

How to Deactivate VAT, Service Tax and Excise in Tally?

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18/07/2017

Calculation of GST Based on Price Range or Cess on Quantity

You can define the percentage of GST for a particular price range or the cess amount per unit, in the stock master. These rates will get applied while recording the purchase or sales of the stock items. 

Define the GST Rate based on Slab Rate on price range

To configure the stock item for GST Calculation based on the slab rate of price range. 

Go to Gateway of Tally - Inventory Info - Stock Item - Create or Alter. Specify the required details in the field Name, Under and Units. Set the option GST Applicable to Yes. 

Specify the description and HSN/SAC.  Select on Item Rate as the calculation type. Enter the price range under rate, and the percentage of Integrated Tax Rate. 

How to Select Item Type in GST

Enter on Item Rate


Press Enter or Ctrl + A to Save the details and again for save the Stock Item configuration.

Now record a sales voucher for a stock item configured with GST on price range. 

How to Create GST Based Quantity invoice

Press Alt + A for tax analysis of the sales voucher. 


In above image you can see there is Stock Item Batteries have different GST Calculation. Because we define that if rate of item below 500 Rs. then IGST calculate @ 5% (2.5% CGST and 2.5% SGST) and if Rate is more than 500 then GST Rate will be 12% (6% CGST and 6% SGST).
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17/07/2017

How to Create a GST Payment Voucher?

In previous posts we know about generate GST liability through Sales Invoice or Liability under Reverse Charge Mechanism. 

For Example: Sumit Sold Goods of Rs. 200000/- to Debtors (Registered dealer) with total GST @ 18% (9% Central Goods & Service Tax & 9% State Goods & Service Tax).

Dr. Debtors                       236000/-
Cr. Sales                                     200000/-
Cr. Central GST @ 9%                 18000/-
Cr. State GST @ 9%                     18000/-


Through this entry we can book our output liability of GST.  For payment of your Output GST. Go to payment voucher and press Alt + S for Statutory Payment. You can see the following details required for GST Statutory Payment. 


You can see there is three option for payment type. Advance is for Advance payment received under Reverse Charge. Recipient liability for goods/ service from unregistered dealer and last one is for Regular output GST.

Select Regular output GST and enter details of your output liability.

Select yes to provide gst details and enter the details required by system like mode of payment (select payment mode whether cash, cheque, credit card, debit card, demand draft, net banking etc.), enter name of the bank from which payment has been made, CPIN Number Generated by GST portal at the time of payment, Challan number, and payment date.

Now your entry is complete. 

Other than this you can made payment of Interest, Late Payment, Penalty or any other fees through this method but ensure that all these ledger will be grouped under Expenses Indirect. 

When you pass GST payment voucher of any liability mentioned in above paragraph then system ask you to specify the nature of payment for the same. 

Create payment entry, press Alt + S for GST Statutory payment. Select bank and ledger (Interest, Late fee, Penalty or any other fees). See below image:


You can pass same entry for Penalty, Late fees or other charges levied under GST.
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14/07/2017

How to create B2B Sales & compute GST in Tally?

What is B2B Concept in regard to GST (Goods & Service Tax) and How to Create B2B Sales & Compute GST in Tally?

B2B means Business to Business, when you made sales/ purchase transaction to any other business entity which is registered or unregistered, this transaction is called B2B transaction. 

B2B is a part of New GST Regime and will be show in GST return. But do you know what is the impact of this transaction in your account and how to deal with B2B Sale Transaction.

In Tally, B2B consider following registration type:
  1. Composition
  2. Regular and
  3. Unregistered

Above all type of dealer will come in category of B2B. let see an example:
Example 1: Ramesh sold 2000 units of Biscuits to Suresh (both are registered local dealers). In this case alter the debtor ledger and set gst details as register and enter buyer's GSTIN no. 
Example 2: Ramesh sold 2000 units of Biscuits to Suresh (Suresh is unregistered local dealers). In this case alter the debtor ledger and set gst details as unregister.
Example 3: Ramesh sold 2000 units of Biscuits to Suresh (Ramesh is Regular dealer and Suresh is composition local dealers). In this case alter the debtor ledger and set gst details as Composition and enter buyer's registration number.
In all cases sales made to Suresh called B2B transaction and showing in B2B invoice in GST computation.


Hope its clarifies about B2B model in GST. 
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Purchase from Unregistered Dealer under GST?

In new GST Regime when you purchase goods / services from Unregistered Dealer you have to pay GST from your own pocket. In this post we discuss about how to pass a entry for purchase from unregistered dealer and show GST payable under reverse charge. 

First you need to create or update your existing purchase ledger from unregistered dealer.

purchase from unregistered dealer under GST in Tally

After update the same, you need to update your supplier ledger account to effect of purchase from unregistered dealer. On GST Set / Alter GST details select yes and enter the details unregistered dealer as below image:

Purchase from Unregistered Dealer under GST?

Now create a purchase entry. When you select purchase account system show you some default purchase classifications. Select Purchase from Unregistered Taxable from the list. Select commodity enter quantity and rates. Press Alt + A for Tax Analysis or click on Tax Analysis from right side panel (See below images for details):

Purchase from Unregistered Dealer under GST?

Clicking on Tax Analysis show you tax details chargeable under Reverse Charge mechanism for purchase from Unregistered Dealers.

Purchase from Unregistered Dealer under GST?

Press Enter to save the voucher and go to Display - Statutory Details - GST - GSTR - 2. You can see details of Tax of Rs. 90000 (SGST and CGST - 50/50) in B2B Invoice Details.


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10/07/2017

How to Create a GST Taxable POS Invoice in Tally?

How to Create a GST Taxable POS Invoice in Tally?

Creating a POS Invoice in Tally is not much difficult. POS Invoice is Point of Sale Invoice generally use in Stores, Mega Malls, Grocery Stores (like big bazar, reliance store, etc.)

POS invoice contains multiple payment mode. I think everyone do shopping in Big Stores and malls, at the time of payment some time we pay half cash and half from credit card, debit card or any other source. So POS Invoice showing all these payment methods. 

In this post we know about how to create a pos invoice with GST (Goods & Service Tax) Tax. 

Before starting read below post to know about POS Invoicing

How to Create POS Invoice with GST Tax Effect.

First of all you have to enable POS Invoicing in Tally & the method is as below:

Go to Gateway of Tally - Accounting Info - Voucher Types - Create (See below image)

How to Create a GST Taxable POS Invoice in Tally?

Do you know current tally release 6 have all the pre allocate features of POS Invoice like payment received from multiple options through credit card, cash, cheque, gift vouchers etc.

How to Create a GST Taxable POS Invoice in Tally?

For Example:
Customer A purchase 10 packets of maggi from big bazar for Rs. 140 including CGST & SGST of Rs. 20. Customer A pay Rs. 90 Cash & Rs. 50 for Cash Voucher or any other method. Big bazar shopkeeper put all the details in this pos invoice to make the payment correct. Entry will be look like below image:

How to Create a GST Taxable POS Invoice in Tally?

Press Enter to Save the voucher and print 2 copies, one for customer and second for Records. Print preview of the bill is as below:

How to Create GST Taxable POS Invoice in Tally?

You can see there is two type of payment option available in Sale voucher (Invoice). You can enter each item in all 4 payment options (Credit Card, Gift Voucher, Cheque Payment & Cash) in POS Invoice. 
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08/07/2017

How to Calculate Multiple Tax and Print Multiple HSN Code in a Single GST Invoice?

How to Calculate Multiple Tax and Print Multiple HSN Code in a Single GST Invoice?

In previous post we know about HSN Code printing in GST Invoice. But what about if you have more than one inventory in the invoice with different hsn code and different tax rates. 

Before start this topic you need to setup the following things keep in mind:


Look at this image for different HSN & Different Tax Rates (this is only an example):


This is an example of  Local Sales having multiple HSN Codes & Multiple Tax classifications. But the matter is how to generate such kind of invoices.

As above mentioned 1st you need to create a ledger Local Sales. In GST Details Select yes and go to Tax Rate Details. Press Alt + L to define tax details 

How to Calculate Multiple Tax and Print Multiple HSN Code in a Single GST Invoice?

When you press Alt + L tax rate history will open on your computer screen. Press Esc or Spacebar to left all fields blank.

How to Calculate Multiple Tax and Print Multiple HSN Code in a Single GST Invoice?

Press Enter to save the details and ledger account.

Now create Inventory or Stock Item. Enter name of Stock Item and under Set / Alter GST Details to yes. In classification left it is as undefined, Enter description of your product and HSN Code, Select Taxability as Taxable, In Tax Type Enter rate of Tax in Integrated Tax Field, I am entering 12% as example. 


Create another inventory same as above inventory example and enter tax rate @ 18% (Remember if at above setting system ask you to select nature of transaction, then select sales taxable as local sales category), See below image for more information:


Create a Invoice Accounting Voucher, Enter Party Name, Local Sales in Sales Ledger, Select Item Name 1 and Item No. 2, Select CGST (Central Goods & Service Tax), & SGST (State Goods & Service Tax) & save the voucher Entry.

Go to sales summary or ledger account of the party. Open the sales voucher and select print command. You can see your invoice has two commodity with different hsn and different tax rates. Head wise Tax summary & HSN Summary is showing below description of goods. You can enter more than two or more commodity in a sale invoice.

See this video for more information




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