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.
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.
Printing & Stationary (GST 5%)
Telephone/Telex/Fax Charges (GST 18%)
Electricity Bill (GST 18%)
Insurance Premiums (GST 18%)
Legal Expenses (GST 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)
Purchase Printing & Stationary from Shree Enterprises of Rs.500 on Credit with GST (SGST 12.50 and CGST 12.50)
Paid the following Expenses with GST (SGST 360 and CGST 360) in cash from
Electricity Bill ( GST 18%)
Paid Insurance Premium LIC a Registered with GST by cheque of Axis Bank Ltd. Rs. 5000 ( with SGST 450 and CGST 450)
Received a Bill from N. Jatania towards following Expenses with GST (CGST
2400 and SGST 2400).
Professional Fees ( GST 18%)
Advertisement Expenses ( GST 12%) for Rs. 5000 raised by PD Advertising
There is a Bank Charges ( GST 5%) of Rs. 200 raised by State Bank of India (a registered organization)
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)
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