A business may incur day-to-day expenses such as rent, telephone bills, Internet Bill, stationery, petty-cash expenses, and so on, to carry out the operations. These expenses attract GST.
If you are a registered dealer and purchasing from another registered dealer, and paid GST at the time of payment or purchase, you are eligible to claim the Input Tax Credit. Ensure to enable the expense ledger with GST.
You can record an expense using a purchase voucher. This will auto-calculate the GST amounts.
Setup: You have to create the Expenses Ledger with GST Applicable and with all GST Details like Nature of Transactions, Taxability, GST Rate etc. etc.
Say, for example, create a Expenses Ledger ‘Printing and Stationary’ which attracts GST 5% as below:
1. Go to Gateway of TallyERP9 → Accounts Info → Ledger → Create
2. Under Statutory Information, Set/alter GST Details should be YES with GST Applicable. Then you will get GST Details for Ledger Screen as below:
3. Select ‘Purchase Taxable’ under Nature of transaction lists as displayed above.
4. Mention GST Rate under Tax Type
1. Create or Alter the following Expenses with GST Compliance … as per above.
GST Rate
Administrative Expenses:
Printing & Stationary (GST 5%)
5%
Telephone/Telex/Fax Charges (GST 18%)
18%
Electricity Bill (GST 18%)
Insurance Premiums (GST 18%)
Legal Expenses (GST 12%)
12%
Professional Fees (GST 18%)
Selling & Distribution Expenses:
Advertisement Expenses (GST 12%)
Sales Promotion Expenses (GST 18%)
Bank Charges (GST 5%)
2. Record the following Expenses with GST in Purchase Voucher (F9) under Accounting Invoice :
EXPENSES in PURCHASE VOUCHER [F9] – Accounting Invoice ( Alt+i)
Transactions
5/4/2020
Purchase Printing & Stationary from Shree Enterprises of Rs.500 on Credit with GST (SGST 12.50 and CGST 12.50)
10/5/2020
Paid the following Expenses with GST (SGST 360 and CGST 360) in cash from Registered Business.
Rs. 2500
Electricity Bill ( GST 18%)
Rs. 1500
15/6/2020
Paid Insurance Premium LIC a Registered with GST by cheque of Axis Bank Ltd. Rs. 5000 ( with SGST 450 and CGST 450)
12/7/2020
Received a Bill from N. Jatania towards following Expenses with GST (CGST 2400 and SGST 2400).
Rs. 10000
Professional Fees ( GST 18%)
Rs. 20000
20/7/2020
Advertisement Expenses ( GST 12%) for Rs. 5000 raised by PD Advertising
10/8/2020
There is a Bank Charges ( GST 5%) of Rs. 200 raised by State Bank of India (a registered organization)
15/8/2020
Sales Promotion Expenses ( GST 18%) for the month of July 2020 incurred by Check of State Bank of India from a Registered organization for Rs.3000 with GST (SGST 270 and CGST 270)
Related topics....
Bill of Materials (BoM) in TallyERP9
e-Way Bill using Tally.ERP9
Price Levels and Price List in TallyERP9
Purchase of Capital Goods with GST in Purchase Voucher (F9) in Tally.ERP9
Purchase of ‘Nil-Rated’ , ‘Exempted’, Items & Goods using Tally.ERP9
Purchase Order Processing in TallyERP9
Record Expenses with GST in Purchase Voucher (F9) in Tally.ERP9
Sale of Goods and Services in a Single Invoice with multiple GST Rate in Tally.ERP9
Sale of Items and Goods with Inclusive of Tax Rate in Tally.ERP9
Sale of Items and Goods with Separate Actual and Billed Quantity Columns in Tally.ERP9
Sale of Items and Goods with Zero Valued Entries (Free Products) in Tally.ERP9
Sale of Nil-Rated, Exempted Supplies of Items and Goods using Tally.ERP9
Sales Order Processing in TallyERP9
TDS (Tax Deducted At Source) using TallyERP9
Cost Centre and Cost Category in TallyERP9
You may also like....
GST on Advance Received from Customer in TallyERP9
GST on Reverse Charge Mechanism -RCM (Purchase from Unregistered Dealer) using TallyERP9
GST Sale of a Composite Supply (Sale of Items & Goods with Expenses Apportioning) in Tally.ERP9
Setting MRP details in Stock Items with GST using Tally.ERP9
Setting Nil-Rated, Exempted, Zero-Rated & Non-GST Items & Goods using Tally.ERP9
Splitting Company Data in TallyERP9 based on Financial Year
Stock Units of Measure (Simple / Compound) in TallyERP9
Year-end Processing with Data Transfer to Next Financial Year in TallyERP9
Shortcut Keys in TallyERP9
GSTR-1 Report to File GST Return using Tally.Erp9
GSTR-2 Report to File GST Return using Tally.Erp9
GSTR-3B Report to File GST Return using Tally.Erp9
Buy Now
| About | Privacy Policy | Tally.ERP 9 Book ORDER | TallyPrime Book ORDER |
© 2021 : www.tallyerp9book.com