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

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Master Configurations

• Party & Tax Ledgers Configurations

• Outward and Inward Supply Ledgers, Provisions

• Control Accounts Ledgers

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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

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GST Rates Hierarchy & Inheritance

Company level

Stock Group

Stock Item

Ledger Group

Ledger

Transaction

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Party Ledger Configurations

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Tax Ledger Configurations

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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.

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27 Nature Of Outward Supply Transactions

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31 Nature Of Inward Supply Transactions

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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

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B2C Sales Transaction

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B2B Sales Transaction

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Export Sale of Goods

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Supply to SEZ

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Deemed Export Sales

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Advance Receipt Entry

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Advance Receipt – Increase of Tax Liability

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Advanced Receipt adjusted in Sales

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Advance Receipt – Decrease of Tax Liability

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Credit Notes on Sales

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Export without payment of Tax (LUT Bond)

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Exempted Supply

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Nil Rated Supply

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Non-GST Supply

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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

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Inward Supply of Goods (Registered Dealer)

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Inward Supply of Capital Goods

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Inward Supply – Ineligible for GST

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Reversal of ITC on Ineligible Goods

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Inward Supply from URD - RCM

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Increase of Tax Liab on Purchase from URD

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Payment of Tax on Purchases under RCM

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Increase of ITC on Purchase from URD

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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

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Import Of Goods

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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

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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

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Reversal of ITC on non payment to buyer under rule 37(2)

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Reversal of ITC on non business supplies under rule 42

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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

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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

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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

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Thank you for being A wonderful audience!!

VANDANA V. DODHIA & CO.

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