Advance Payment under Reverse Charge in GST – GST Advance Receipts from Customers – Services under Reverse Charge – GST

Gayatri Solution Group

(Follow Us :- Google +Yahoo GroupGSG BlogGSG Website,)

Good News Gayatri Solution Group Create Android App Download Chick Here Server 1, Server 2, Server 3,

 (*Free Earn Tack Time Click Here to Download App*)

Good Bye (VAT, CST, Service Tax ) 

Wel Come GST ( CGST, SGST, IGST) With Tally.ERP 9 Release 6.0.3 (Gold) 

Import of Services under Reverse Charge – GST

Valid from Release 6.0.3

You can account for import of services, raise liability on the tax payable (reverse charge), and claim tax credit.

Record inward supply of services as imports

Raise tax liability

Claim tax credit on the liability of imports

Recording inward supply of services as imports

You can record an inward supply of services that are imported, in a purchase invoice.

To record a purchase invoice

  1. Go to Gateway of Tally > Accounting Vouchers > F9: Purchase.
  2. Click I: Accounting Invoice.
  3. In the field Party’s A/c Name, select the supplier ledger predefined with Country other than India.
  4. Select the service ledger grouped under Purchase Accounts, and enter the amount.
  5. Press Ctrl+A to accept.

Claiming tax credit on the liability of imports

When you import services, you have to raise the tax liability in your books and then pay it to the department. You can record a journal voucher to raise this liability under reverse charge.

You can claim the tax liability paid on imports as tax credit by recording a journal voucher. The purchase invoice details with the tax credit claimed on the purchase is shown in GSTR-3B.

To record a journal voucher to raise tax liability

  1. Go to Gateway of Tally > Accounting Vouchers > F7: Journal.
  2. Click J: Stat Adjustment.
  3. Select the options as shown below.
  4. Debit the ledger grouped under Current Assets and credit the integrated tax ledger.
  5. Press Enter to save.

To claim tax credit on liability of imports

  1. In the journal voucher, click J: Stat Adjustment and set the options as shown below:
  2. Debit the integrated tax ledger and credit the ledger grouped under Current Assets.
  3. Press Enter to save.

To view the transactions in GSTR-3B report

  • Go to Gateway of Tally > Display > Statutory Reports > GST > GSTR-3B.

You can record journal vouchers related to import of trading and capital goods as given below:

Nature of Adjustment Additional Details Ledgers to be used
Increase of Input Tax Credit Import of Capital Goods Debit: GST ledgers (integrated tax/state tax and central tax).

Credit: Ledger grouped under Current Assets.

Import of Goods Debit: GST ledgers (integrated tax/state tax and central tax).

Credit: Ledger grouped under Current Assets.

Increase of Tax Liability Import of Capital Goods Debit: Ledger grouped under Current Assets.

Credit: GST ledgers (integrated tax/state tax and central tax).

Imports

Source :- https://help.tallysolutions.com/tallyweb/modules/pss/crm/kb/search/CKBTallyHelpSearchWIC.php?strEventID=9&productID=&docLink=te9rel60/Tax_India/gst/import_service_gst_6_0_3.htm&docTitle=Import%20of%20Services%20under%20Reverse%20Charge%20-%20GST%20(Valid%20from%20Release%206.0.3)&search_type=1&strSearchString=Import%20of%20Services%20under%20Reverse%20Charge%20-%20GST%20(Valid%20from%20Release%206.0.3)&strSCIframeName=&strInvokedFromSupportCentreFlag=

Recording GST Advance Receipts from Customers

Valid from Release 6.0.3

The advance amount received from customers can be recorded in a receipt voucher. The receipt voucher that is marked as an advance receipt can be printed with the required GST details.

For any advance received for goods or services, if the corresponding sales invoice is not raised in the same month, the dealer who has received the advance has to pay the GST.

When an invoice is raised against an advance received in a different tax period, the voucher recorded for advance amount received has to be tracked against it.

Advance receipt for orders completed

Advance receipt > Raise tax liability > Outward supply > Reverse tax liability of advance amount > File returns

Advance receipt for orders cancelled

Advance receipt > Raise tax liability > Refund the amount > Reverse the tax liability > File returns

Advance Receipt from Customer

To record a receipt voucher for advance received from customer

  1. Go to Gateway of Tally > Accounting Vouchers > F6: Receipt.
  2. Click V: Advance Receipt to mark the voucher for advance receipt.
  3. Account: Select the bank to which the payment will be made.
  4. Select the party ledger enabled for bill-wise details.
  5. The Advance Receipt Details screen appears with the list of stock items. To select a ledger, click L: Show Ledgers. Click F12: Configure and set the option:
  • Allow to provide rate of stock items? to Yes, to enter/alter the slab rate of the stock item.
  • Allow to provide quantity for calculation of cess on quantity? to Yes, to enter the cess rate and cess rate per unit.
  • Allow modification of tax details? to Yes, to override the GST and cess rates in the voucher.
  1. Select the stock item (goods enabled for GST) or ledger name (services enabled for GST).
  2. Enter the Advance Amount, which is inclusive of GST. You can adjust this against the sales invoice partially/fully, based on the sale value. At the end of the month, depending on the balance amount of the advance available, you can record a journal voucher to raise the liability.

Based on the amount entered, the break-up of the GST amount gets auto calculated for Central Tax, State Tax, and Cess, if applicable. The Advance Receipt Details screen appears as shown below:

  1. Press Ctrl+A to accept the Advance Receipt Details screen and return to the receipt voucher.
  2. Select the type of reference as Advance and enter the reference details in the Bill-wise Details screen.
  3. Accept the receipt voucher.
  4. Click P: Print. To print the State Name, Code, and Place of Supply in the voucher, click F12: Configure and set the options as given below:
  • Print State Name & State Code? to Yes.
  • Print Place of Supply? to Yes.
  • Press Ctrl+A to accept.
  1. Set Print GST Advance Receipt? to Yes, as shown below:

The printed receipt voucher with the GST details appears as shown below:

Journal voucher to raise the liability

To record a journal voucher to raise the liability

  1. Go to Gateway of Tally > Accounting Vouchers > F7: Journal.
  2. Click J: Stat Adjustment.
  3. Select the options as shown below:
  4. Debit the expense ledger, or the ledger grouped under Current Assets and credit the GST ledgers for the tax on advance receipt, as shown below:
  5. Press Enter to save.

The tax liability raised on the advance amount appears in GSTR-3B as shown below:

Sales invoice linked to an advance receipt voucher

When the sales invoice is recorded, the receipt voucher has to be linked to it by selecting the Type of Ref as Agst Ref in the Bill-wise Details screen of the sales invoice.

The GSTR-3B report displays the sales invoice, with tax on sales and advance amount as shown below:

Reversing the liability on advance receipt after sales

To reverse the tax liability

  1. Go to Gateway of Tally > Accounting Vouchers > F7: Journal.
  2. Click J: Stat Adjustment.
  3. Select the options as shown below:
  4. Debit the GST ledgers and credit the expense ledger, or the ledger grouped under Current Assets for tax on advance receipt, as shown below:

The GSTR-3B report displays the reduced tax values as shown below:

Reversal of GST on account of cancellation of advance receipt

If an advance receipt voucher is recorded, a journal voucher is recorded to raise the tax liability, and then the transaction is cancelled partially or fully:

Record an advance receipt voucher as shown below:

Record a journal voucher to raise the tax liability as shown below:

To record a refund voucher

  1. Go to Gateway of Tally > Accounting Vouchers > F5: Payment.
  2. Click F: Refund of Adv. Recvd.
  3. Select the bank Account.
  4. Select the party ledger enabled for bill-wise details. In the Refund Details section, the list of stock items appears for selection. To select a ledger, click L: Show Ledgers. Click F12: Configure and set the options:
  • Allow to provide rate of stock items? to Yes, to enter/alter the slab rate of the stock item.
  • Allow to provide quantity for calculation of cess on quantity? to Yes, to enter the cess rate, and cess rate per unit.
  • Allow modification of tax details? to Yes, to override the GST and cess rates in the voucher.
  1. Select the stock item (goods enabled for GST) or ledger name (services enabled for GST).
  2. Enter the Refund Amount which is inclusive of GST. The break-up of the GST amount gets auto calculated for Central Tax, State Tax, and Cess, if applicable. The Refund Details section appears as shown below:
  3. Press Ctrl+A to accept and return to the payment voucher.
  4. Select the type of reference as Agst Ref, and select the reference details in the Bill-wise Details screen.
  5. Set Provide GST details? to Yes, and enter the Receipt No. and Date of the advance receipt.
  6. Press Enter to save.
  7. Click P: Printand set Print Refund Voucher? to Yes, as shown below:

The printed refund voucher appears as shown below:

To reverse the liability on cancellation of a transaction

  1. Go to Gateway of Tally > Accounting Vouchers > F7: Journal.
  2. Select the options as shown below:
  3. Debit the GST ledgers and credit the ledger grouped under Current Assets as shown below:
  4. Press Enter to save.

The GSTR-3B report will not display any values, as the tax liability that was raised has been reversed.

 

 

Source :- https://help.tallysolutions.com/tallyweb/modules/pss/crm/kb/search/CKBTallyHelpSearchWIC.php?strEventID=9&productID=&docLink=te9rel60/Tax_India/gst/advance_rcpt_gst_6_0_3.htm&docTitle=Recording%20GST%20Advance%20Receipts%20from%20Customers%20(Valid%20from%20Release%206.0.3)&search_type=1&strSearchString=Recording%20an%20Advance%20Payment%20under%20Reverse%20Charge%20in%20GST%20(Valid%20from%20Release%206.0.3)&strSCIframeName=&strInvokedFromSupportCentreFlag=

Recording an Advance Payment under Reverse Charge in GST

Valid from Release 6.0.3

You can record advance payments made to registered or unregistered dealers in a payment voucher.

To record a payment voucher for advance payment

  1. Go to Gateway of Tally > Accounting Vouchers > F5: Payment.
  2. Click V: Reverse Chrg. Adv. to mark the voucher for advance payment.
  3. Account: Select the bank to which the payment will be made.
  4. Select the party ledger enabled for bill-wise details.
  5. In the Advance Payment Details screen:
  • All stock items are displayed when the party is an unregistered dealer.
  • Only stock items which attract reverse charge (Is reverse charge applicable? is set to Yes in stock item master) are displayed when the party is a regular dealer.

Note: To select a ledger, click L: Show Ledgers.

♦   Only ledgers which attract reverse charge (Is reverse charge applicable? is set to Yes in ledger master) are displayed when the party is a regular dealer.

♦   When the party ledger is an unregistered dealer, all ledgers are displayed.

  • Click F12: Configure and set the option:

o     Allow to provide rate of stock items? to Yes, to enter/alter the slab rate of the stock item.

o     Allow to provide quantity for calculation of cess on quantity? to Yes, to enter the cess rate and cess rate per unit.

o     Allow modification of tax details? to Yes, to override the GST and cess rates in the voucher.

  1. Select the Stock Item (goods enabled for GST) or Ledger Name (services enabled for GST), and enter the Advance Amount.

The Advance Amount appears as the Taxable Value, and the tax amount is calculated on this. The tax values shown in the Advance Payment Details is the amount on which you need to generate the liability in a journal voucher if the purchase invoice is not recorded within the return period.

The tax type appears as integrated tax or central tax and state tax, based on the state selected for the party ledger.

  1. Press Ctrl+A to save the Advance Payment Details screen.
  2. Select the type of reference as Advance and enter the reference details in the Bill-wise Details screen.
  3. Accept the payment voucher.

Journal voucher to raise the liability

To record a journal voucher to raise the liability

  1. Go to Gateway of Tally > Accounting Vouchers > F7: Journal.
  2. Click J: Stat Adjustment.
  3. Select the options as shown below.
  4. Debit the expense ledger or ledger grouped under Current Assets and credit the GST ledgers for the tax on advance receipt, as shown below:
  5. Press Enter to save.

The tax liability raised on the advance amount appears in GSTR-3B as shown below:

 Source :- https://help.tallysolutions.com/tallyweb/modules/pss/crm/kb/search/CKBTallyHelpSearchWIC.php?strEventID=9&productID=&docLink=te9rel60/Tax_India/gst/advance_pymt_supplier_gst_6_0_3.htm&docTitle=Recording%20an%20Advance%20Payment%20under%20Reverse%20Charge%20in%20GST%20(Valid%20from%20Release%206.0.3)&search_type=1&strSearchString=Recording%20an%20Advance%20Payment%20under%20Reverse%20Charge%20in%20GST%20(Valid%20from%20Release%206.0.3)&strSCIframeName=&strInvokedFromSupportCentreFlag=

Customization in Tally.ERP9 – Mobile Tally – Tally Mobile Application

Customization in Tally.ERP9

1000+ Ready to use add-ons or customize your Tally on your own way.

  • Sms Module
  • Agent Module
  • Security Features
  • Contact Manager
  • Inventory Report
  • Auto Email
  • Outstanding Followup
  • Half Page Invoice
  • Voucher Aurthorization
  • Serial Member Search
  • Textile Industries
  • Ginig Mills
  • Petrol Pumps
  • Iron & Steel
  • Mobile Application

Mobile Tally – Tally Mobile Application

Tally AnyWhere Key Reports

Dashboard

Daily Sales Report

Daily Purchase Report

Cash & Bank

Stock Summary

Bills Receivable

Billy Payable

Fix Assets

Loans (Liability)

Today Daybook

Note : -Work in 4.7 and above version of Tally.ERP9 License (Release 4.7 to 4.93).

 Source :- tallyanywhere

 

Note :-   Tally, Quickheal Antivirous, Education Software  કે બીજા કોઈ સફ્ટવેર લેવા માટે 

જુના કે નવા Laptop, Desktop Computer લેવા કે વેચવા માટે,

 IT, CCTV,  ને લગતી કોઈ પણ Products ( Switch, HDD, Ram, Cd, Pendrive) લેવા માટે

માત્ર Whats App કરો કોલ નહી Mo 9429893515, 7990449182, 9558113500, 9099757281, 8511604135બેસ્ટ રેટ મલસે

Source :-http://blogs.tallysolutions.com/gu/composition-to-regular-dealer-gst/

Download Tally.ERP 9 Release 6 (Gold) With GST Click Here 

Link :-  https://tallysolutions.com/download/

 

 GST Knowledge in Gujarati Click Here


Link :- http://blogs.tallysolutions.com/gu/

 GST Knowledge in English Click Here

Link :-  http://blogs.tallysolutions.com/

 GST Knowledge in Hindi Click Here

Link :-  http://blogs.tallysolutions.com/hi/

 Note :- Paid Tally Update Release 4 , 5 to Release 6 (GST) Just Email :- inquiry.gsg15@gmail.com and Contact Only Whats App (Chat) 7990449182

Quick Heal Special Offer Dt 12/08/2017 to Dt 25/08/2017

My Quick Heal Price = Other Company Offer Price – 100

Ex. :- 1400 = 1500 -100

Contact Only Whats App (Chat) 7990449182

Note :-

  1. This Offer velid only 3 days
  2. Payment Advence
  3. This Offer velid only Quick Heal PC 1 User 1 Year

4.We Are Replay Only Whats App Chat

  1. Provider Your Offer Price in Chat

Source :-Gayatri Solution Group

તલાટી, PSI, ASI, GPSC, TET, TAT, HTAT, Constable ની પરીક્ષા માટે જનરલ નોલેજ ની તૈયારી કરો online… અહીક્લિક કરો online તૈયારી માટે….!!!


Note :-   Tally, Quickheal Antivirous, Education Software  કે બીજા કોઈ સફ્ટવેર લેવા માટે 

જુના કે નવા Laptop, Desktop Computer લેવા કે વેચવા માટે,

 IT, CCTV,  ને લગતી કોઈ પણ Products ( Switch, HDD, Ram, Cd, Pendrive) લેવા માટે

માત્ર Whats App કરો કોલ નહી Mo 9429893515, 7990449182, 9558113500, 9099757281, 8511604135બેસ્ટ રેટ મલસે 

પરીક્ષાની online તૈયારી માટે અહીં ક્લિક કરો.

Get Government or Education Exam Material Online (GSG) Click Here 

સ્પ્ર્રઘાત્મક અને ગર્વમેન્ટ પરીક્ષા ની તૈયારી અને મટેરીઅલ મેળવવા માટે અહી કિલ્ક કરો.

Click Here Download Education Product Price List (GSG)

Source :-Gayatri Solution Group

Products :- Quick Heal Antivirous, Tally, GST, CPU, Motherboard, RAM, HDD, LCD – LED, Keyboard, Mouse, DVD Writer, SMPS, Speaker, Battery, Adapter, Cooling Pad, Screen Guard, Bag, Internet Dongles, Blank CD – DVD, Pen drive, Web Camera, Microphone, Headphone, External CD Drive, Cables, Projector, Scanner, Printer, Education CD – DVD etc…

More Products List Click Here

Note :- Purchase any products just email inquiry.gsg13@gmail.com

Published By :-

Gayatri Solution Group

{ Jayesh Patel} (Live In :- Gujarat)

Website :- http://gayatrisolutiongroup.com/

Website :- https://sites.google.com/site/gayatrisolutiongroup/

Blog :- http://gayatrisolutiongroup.blogspot.in/

Email :- inquiry.gsg13@gmail.com

Leave A Reply

Your email address will not be published. Required fields are marked *