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Import of Services under Reverse Charge – GST in Tally.ERP9

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

 
 
 
 
Tally.ERP 9 Reference Manual LIBRARY
1.
Installation of Tally.ERP9
2.
Site Licensing of Tally.ERP9
3.
Shortcut Keys in Tally.ERP9
4.
Maintaining Company Data
5.
Creating Masters
5a. Accounts Information [Creating Masters]
5b. Inventory Information [Creating Masters]
6.
Voucher Entry
7.
Reports in Tally.ERP9
8.
Excise for Dealer
9.
Excise for Manufacturer
10.
Reports [ Excise for Manufacturer]
11.
Excise for Importer
12.
Service Tax in Tally.ERP9
13.
Tax Collected at Source (TCS) in Tally.ERP9
14.
Tax Deducted at Source (TDS) in Tally.ERP9
15.
Value Added Tax (VAT) in Tally.ERP9
16.
Central Sales Tax (CST) in Tally.ERP9
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28.
GST in Tally.ERP9
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