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Transferring Tax Credits of VAT, Excise, and Service Tax to GST in Tally.ERP9
 

You can record a journal voucher to transfer the closing balance of tax credits of VAT, additional tax, cess, surcharge, CENVAT, service tax, krishi kalyan cess, and special excise duty/additional excise duty as opening balance under GST.

As GST is a new tax structure, the tax credits of previous tax regime will not be automatically carried forward to the GST account. Based on the date from which you want to maintain the books of accounts under GST, you need to carry forward the tax credit to state/central tax by recording a journal voucher.

Recording a journal voucher

The tax credits of service tax, krishi kalyan cess and CENVAT has to be transferred to the central tax ledger. The tax credit of VAT, additional tax, surcharge and cess has to be transferred to the state tax ledger. Hence, two separate journal vouchers have to be recorded to account for the opening balance of central and state taxes.

To record a journal voucher

1.         Go to Gateway of Tally > Accounting Vouchers > F7: Journal.

Note:   You can also create a journal voucher from Gateway of Tally > Display > Statutory Reports > GST > GSTR-1or GSTR-2.

2.         Click J: Stat Adjustment.

3.         In the Stat Adjustment Details screen, select the options as shown below:

 
 

4.         Nature of adjustment - Opening Balance.

5.         Transfer the tax credit of service tax and CENVAT to central tax ledger as shown below:

 

6.         Transfer the tax credit of VAT to state tax ledger as shown below:

 
 

Note:   Along with the VAT ledger, the cess/surcharge/additional tax ledger can be selected based on the state for which the VAT transactions were recorded prior to implementation of GST.

Entering the tax credit as ledger opening balance for a new user or new business starting from 1st July 2017

You can enter the balance of tax credit as the opening balance in central tax and state tax ledgers, when your books beginning date is on 1st July 2017. However, it is recommended to record a journal voucher as the tax credit can be transferred on or after 1st July 2017. Enter the closing balance of:

●          VAT or VAT with surcharge/cess/additional tax as the opening balance (debit balance) for state tax ledger.

●          CENVAT, service tax and krishi kalyan cess as the opening balance (debit balance) for central tax ledger.

The opening balance entered for central tax and state tax/UT tax in ledger master or journal voucher is a book entry and will not reflect in the reports.

 
 
GST Topics Using Tally.ERP9
Introduction To GST ( IGST , CGST, SGST) Calculation Of GST ( IGST, CGST & SGST)
 Acticating GST for your Company in Tally.ERP9 Updating Stock Items and Stock Groups for GST Compliance in Tally.ERP9
Setting Up GST Rates (Stock Group-wise) in Tally.ERP9 Setting MRP Details (If require) of Stock Items in Tally.ERP9
Mapping UoM (Unit Of Measurement) to UQC (Unique Quantity Code) in Tally.ERP9 Creating Sales and Purchase Ledgers for GST Compliance in TallyERP9
Restarting Sales Voucher Numbering for GST Transactions in Tally.ERP9 Updating Party GSTIN/UIN Details in Tally.ERP9
Creating GST Ledgers - CGST-SGST-IGST (Central Tax, State Tax, Union Territory Tax, Integrated Tax, and Cess) in Tally.ERP9 Creating Party Ledgers such as Suppliers, Customers and so on for GST in Tally.ERP9
Recording Local Purchase (within State) under GST in Tally.ERP9 Recording Inter-State Purchase (Outside State) under GST in Tally.ERP9
Recording Local GST Sales (within State) and Printing Invoices in Tally.ERP9 Recording IGST-Inter-State Sales (Outside Sale) and Printing Invoices in Tally.ERP9
Sale of Goods and Services in a Single Invoice under GST in Tally.ERP9 Ledgers for any Indirect Expenses or Income like… Discount on Sale, Packing Charges etc. can be created and to be included in GST Sale Invoice under Tally.ERP9
Generate GSTR-1 Return / Reports Under Tally.ERP 9 Returns Summary of GSTR-1 Report in Tally.ERP9
Exporting GSTR-1 In Tally.Erp9 Generate GSTR-2 Reports under Tally.ERP9
Returns Summary of GSTR-2 Report in Tally.ERP9 Generating Form GSTR-3B in Tally.ERP9
Challan Reconciliation Report for GST Payments in Tally.ERP9 Transferring Tax Credits of VAT, Excise, and Service Tax to GST in Tally.ERP9
'Nil-Rated Sales’ on GST in Tally.ERP9 'Exempt Sales’ on GST in Tally.ERP9
Adjustment & Set-Off The Liability Of GST (Tax) Credit in Tally.ERP9 Recording Journal Vouchers for Interest, Penalty, Late Fee and Other Dues in GST in Tally.ERP9
Filing GSTR-3B Report from Tally.ERP9 in Govt. GST Portal Making Payments towards GSTR-3B Report from Tally.ERP9 in Govt. GST Portal
 
 
Company Information @ Tally.ERP9
Group & Ledger

Introduction
1. THE GROUP
2. THE LEDGER
3. VOUCHERS TYPES

Advanced Inventory / Stock
Meaning
Order Processing
Re-Order Levels
Tracking Numbers
Batch-wise Details
Additional Cost Details
Bill of Materials (BOM)
Price Lists and Price Levels
Stock Valuation
Zero Valued Entries
Inventory Ageing Report
Actual and Billed Quantities
Advanced Usage of Vouchers
Maintain Bill-wise Details
Cost Center and Cost Category
Interest Calculation
Reversing Journals
Post-Dated Voucher
Memo (Memorandum) Voucher
Optional Voucher
Using Tracking Number
Tally.ERP9 Report
  1. Unit Objectives
  2. Modifying Reports (Options)
  3. Balance Sheet
  4. Profit & Loss Account
  5. Stock Summary
  6. Trial Balance
  7. Day Book
  8. Books of Accounts
  9. Statement of Accounts
  10. Inventory Books
  11. Statutory Reports
  12. List of Accounts ( Chart of Accounts)
  13. Exception Reports
  14. Printing Reports
 
Tally.ERP9 MIS and Other Reports
 
Statutory & Taxation
Utilities & Others @ Tally.ERP9
Credit Limits
Knowledge Base @ Tally.ERP9
Stock Items
Stock Groups
Inventory Masters
Inventory Vouchers
Inventory Report Statements
Balance Sheet
Accounting Reports
Accounting Vouchers
Interest Calculation
VAT-Value Added Tax
Service Tax
TDS (Tax Deducted at Source)
 

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GETTINGS STARTED @ Tally.ERP 9
QUESTIONS BASE @ Tally.ERP 9
REPORT GENERATES @ Tally.ERP 9
TIPS & TRICKS @ Tally.ERP9 GST for Tally.ERP9
1 > Financial Statement Report 1 > Tips & Tricks @ Tally.ERP 9 1 >Introduction to GST ( IGST . CGST, SGST )
2 > Accounts Book & Register Report 2 > FAQ's @ Tally.ERP 9 2 >Calculation of GST ( IGST, CGST & SGST)
3 > Stock Register / Reports 3 > Short Cut Keys @ Tally.ERP 9 3 > GST on Tally.ERP 9 ( With Practical Assignment )
4 > Job Costing Reports 4 > Tips-Weekly Refresher @ Tally.ERP9 4 > Generate GSTR-1 Returns / Reports under Tally.ERP9
5 > Pay Roll Register Reports   5> Status Reconciliation (GSTR-1)
6 > Point of Sale Register Reports   6 > Challan Reconciliation Report for GST Payments
     
  8 > Excise - Manufacturer      
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