GST In tally erp 9-How to pass accounting entries under GST|GST Accounting Entries in Tally

Hi guys today we are going to share about GST Accounting Entries - GST Accounting Entries In TallyTally ERP9-GST Accounting Entries for Services in Tally Entries for Local Sales and Purchase in GSTHow to Pass GST Entries in Tally - Accounting Entries in GST GST In tally erp 9, gst voucher entry,stock item,ledger,return filing in tally

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Entries for Local Sales and Purchase in GST -GST In tally erp 9


How to pass accounting entries under the GST, how to pass GST accounting entries in India, GST accounting entries, how to write GST accounting entries, GST accounting entries to Tally, GST entry entries GST returns to Sap, examples of GST entries, how to pass the GST Entries, GST Purchase Entry, GST Entry for Sale, GST Journal Entries, the GST, the books of account that must be maintained by assesse under the GST

(i) Taxes currently levied and collected by the Centre:

a. Central Excise duty
b. Duties of Excise (Medicinal and Toilet Preparations)
c. Additional Duties of Excise (Goods of Special Importance)
d. Additional Duties of Excise (Textiles and Textile Products)
e. Additional Duties of Customs (commonly known as CVD)
f. Special Additional Duty of Customs (SAD)
g. Service Tax
h. Central Surcharges and Cesses so far as they relate to supply of goods and services

(ii) State taxes that would be subsumed under the GST are:
a. State VAT
b. Central Sales Tax
c. Luxury Tax
d. Entry Tax (all forms)
e. Entertainment and Amusement Tax (except when levied by the local bodies)
f. Taxes on advertisements
g. Purchase Tax
h. Taxes on lotteries, betting and gambling
i. State Surcharges and Cesses so far as they relate to supply of goods and services.

Under Current scenario Separate accounts have to be maintained for excise, VAT, CST and service tax. To know How to pass Vat, Excise, Service Tax and TDS Entries under current Scenario Click Here

Under Current scenario Below mentioned accounts related to indirect taxes needs to be prepared by an organization.

  • Excise payable a/c (for manufacturers)
  • CENVAT credit a/c (for manufacturers)
  • Output VAT a/c
  • Input VAT a/c
  • Input Service tax a/c
  • Output Service tax a/c

GST Regime

Under GST all these taxes (excise, VAT, service tax) will get subsumed into one account.
The same trader X has to then maintain the following a/cs (apart from accounts like purchase, sales, stock) –

  • Input CGST a/c
  • Output CGST a/c
  • Input SGST a/c
  • Output SGST a/c
  • Input IGST a/c
  • Output IGST a/c
Electronic Cash Ledger (to be maintained on Government GST portal to pay GST)
For a list of accounts to be maintained please read here.

While the number of accounts is more apparently, once you go through the accounting you will find it is much easier for record keeping. One of the biggest advantages X will have is that he can setoff his input tax on service with his output tax on sale.

Accounting entries under GST

How to pass accounting entries in GST
Let us consider a few basic business transactions (all amounts excluding GST)-


List of GST Accounting Entries, How to Pass Accounting Entries Under GST


Example 1: Intra-state

Mr. X purchased goods Rs. XXX locally (intrastate)
He sold them for Rs. XXX in the same state
He paid legal consultation fees Rs. XXX
He purchased furniture for his office for Rs. XXX
Assuming CGST @8% and SGST@8%

The entries will be-

1    Purchase A/c ………………Dr.    XXX  
       Input CGST A/c ……………Dr.         XXX  
      Input SGST A/c ………    …Dr.        XXX

   
              To Creditors A/c                                        XXXXX



2    Debtors A/c ………………Dr.    XXXXX
             To Sales A/c                                              XXXX
             To Output CGST A/c                              XXXX
             To Output SGST A/c                              XXXX


 

3    Legal fees A/c ………..……Dr.    XXX   
Input CGST A/c ……………Dr.    XXX 
Input SGST A/c ……………Dr.    XXX   
             To Bank A/c                                            XXXX
4    Furniture A/c ………..……Dr.    XXXX
Input CGST A/c ……………Dr.    XXX  
Input SGST A/c ……………Dr.    XXXX   
             To ABC Furniture Shop A/c        XXXXX

Total Input CGST=XXXX+XXX+XXX= Rs. XXX
Total Input SGST=XXXX+XXXX+XXX= Rs. XXXX
Total output CGST=XXXXX
Total output SGST=XXXX
Therefore Net CGST payable=XXXXX-XXXX=XXXX
Net SGST payable=XXXX-XXXX=XXXX

5    Output CGST A/c ……………Dr.    XXXX   
     Output SGST A/c ……………Dr.           XXXX  
          To Input CGST A/c                                           XXXX
            To Input SGST A/c                                        XXXX
             To Electronic Cash Ledger A/c                  XXXX


Thus due to input tax credit, tax liability of Rs. 24,000 is reduced to only Rs.5,280. Also, GST on legal fees is also adjusted which was not possible in current tax regime.

If there had been any input tax credit left it would have been carried forward to the next year.

Example 2: Inter-state

GST Accounting Entries in Tally - Sales and Purchases -allyouthclub
 


Mr. X purchased goods Rs. XXXX from outside the State
He sold Rs. XXXX locally
He sold Rs.XXXXX outside the state
He paid telephone bill Rs. XXXX
He purchased an air cooler for his office for Rs. XXXX(locally)
Assuming CGST @8% and SGST@8%

1    Purchase A/c ………………Dr.    XXXX   
       Input IGST A/c ……………Dr.    XXXX
           To Creditors A/c                                             XXXXX


2    Debtors A/c ………………Dr.    XXXX  
             To Sales A/c                                                  XXXx
             To Output CGST A/c                                  XXXXX

             To Output SGST A/c                                  xXXXX

3    Debtors A/c ………………Dr.    XXXX   
             To Sales A/c                                                XXXX
             To Output IGST A/c                                     XXXX


4    Telephone Expenses A/c ..…Dr.    XXXX  
Input CGST A/c ………………..Dr.      XXXX   
Input SGST A/c …..……………Dr.       XXX  
             To Bank A/c                                                        XXXX


5    Office Equipment A/c.…..Dr.    XXX   
Input CGST A/c ……………Dr.    XXX   
Input SGST A/c ……………Dr.    XXX   
             To ABC Furniture Shop A/c       XXXX


Total CGST input =XXX+XXX=XXXX
Total CGST output =XXXX
Total SGST input =XX+XX=XXXX
Total SGST output =XXXXX
Total IGST input =XXX         
Total IGST output =XXX

Particulars          CGST            SGST                 IGST
Output liability    XXXX           XXX                   XXX
Less: Input tax credit           
   CGST    XXX      
   SGST     XXX   
   IGST      XXXX   
Amount payable   XXXX           XXXX              XXXXX

Any IGST credit will first be applied to set off IGST and then CGST. Balance if any will be applied to setoff SGST.So out of total input IGST of Rs. XXXx firstly it will be completely setoff against IGST. Then balance Rs.XXX against CGST.
From the total Rs.XXXX, only Rs. XXX is payable.
So the setoff entries will be-

Setoff against CGST output   

    
1    Output CGST ………………Dr.  XXXX   
           To Input CGST A/c                                XXXX
           To Input IGST A/c                                XXXX


2    Setoff against SGST output    

   
Output SGST ………………Dr.   XXXX   
           To Input SGST A/c                               XXXXX


3    Setoff against IGST output  

     
Output IGST ………………Dr. XXXX 
           To Input IGST A/c                              XXXX


4    Final payment        


Output CGST A/c ……………Dr.    XXXX 
Output SGST A/c ……………Dr.    XXXX   
             To Electronic Cash Ledger A/c            XXXXX
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