To record GST (Goods and Services Tax) entries in Tally, you need to set up the GST-related configurations and create the necessary ledgers. Here's a step-by-step guide to recording GST entries in Tally:
Enable GST: Ensure that GST is enabled in your Tally software. To do this, go to F11: Features > Statutory and Taxation > Enable Goods and Services Tax (GST).
Create GST-related ledgers: Set up the following ledgers in Tally:
a. Create Gst Tax Liability ledgers:
- For CGST (Central Goods and Services Tax)
- For SGST (State Goods and Services Tax)
- For IGST (Integrated Goods and Services Tax)
- For CESS (if applicable)
b. Create GST Tax Input Credit ledgers:
- For CGST Input
- For SGST Input
- For IGST Input
- For CESS Input (if applicable)
c. Create GST Payable and Receivable ledgers:
- For GST Payable
- For GST Receivable
Record sales/purchase entries with GST:
a. Sales Entry:
- Go to Gateway of Tally > Accounting Vouchers > F8: Sales.
- Enter the necessary details such as the party's name, sales ledger, and the respective GST ledgers (CGST, SGST, IGST).
- Ensure that you enter the appropriate GST tax rates for each tax ledger.
- Tally will automatically calculate the tax liability and display the net amount payable.
b. Purchase Entry:
- Go to Gateway of Tally > Accounting Vouchers > F9: Purchase.
- Enter the details of the supplier, purchase ledger, and the corresponding GST tax ledgers (CGST, SGST, IGST).
- Provide the applicable GST tax rates for each tax ledger.
- Tally will automatically calculate the input credit and display the net amount payable.
Pay GST liabilities or claim Input Credit:
a. GST Payment:
- Go to Gateway of Tally > Accounting Vouchers > F5: Payment.
- Select the GST Payable ledger.
- Enter the amount payable and make the necessary bank/payment details.
b. GST Input Credit Claim:
- Go to Gateway of Tally > Accounting Vouchers > F6: Receipt.
- Choose the GST Input Credit ledgers (CGST Input, SGST Input, IGST Input).
- Enter the amount of input credit being claimed.
Remember to consult with a qualified accountant or GST professional to ensure accurate compliance with the prevailing GST rules and regulations in your jurisdiction.
This post first appeared on Financial Buzz: Latest Accounts, Finance And Tax Updates, please read the originial post: here
