4. Refund Voucher of Advance payment under Reverse Charge agaist Purchase with Cancellation of Tax Liability to the extent Refund in Tally.ERP9
If the advance payment transaction is cancelled fully or partially, you can record it in a receipt voucher by marking it as a refund voucher.
(A) Refund Voucher of Advance payment under Reverse Charge agaist Purchase
Record refund voucher for purchases from registered dealers
1. Go to Gateway of Tally > Accounting Vouchers > F6: Receipt .
2. Click N : Nature of Receipt > Refund of Advance Payment .
3. Select the bank Account.
4. Select the party ledger enabled for bill-wise details. In the Refund Details section, the list of stock items are displayed for selection. To select a ledger, click L : Show Ledgers . Click F12: Configure and set the option:
- Allow to provide rate of stock items to Yes , to enter/alter the slab rate of the stock item.
- Allow to provide quantity for calculation of cess on quantity to Yes , to enter the cess rate and cess rate per unit.
- Allow modification of tax details to Yes , to override the GST and cess rates in the voucher.
5. Select the Stock Item or Ledger Name (enabled for GST).
6. Enter the Refund Amount which is inclusive of GST. The break-up of GST amount gets auto calculated for Central Tax , State Tax , and Cess , if applicable. The Refund Details section appears as shown below:
The Advance Amount appears as the Taxable Value , and the tax amount is calculated on this. The tax values shown in the Advance Payment Details is the amount on which you need to decrease the liability in a journal voucher.
7. Press Ctrl+A to accept and return to payment voucher.
8. Select the type of reference as Agst Ref and select the reference details in the Bill-wise Details screen.
9. Set Provide GST details? to Yes , and enter the Receipt No. and Date of the advance payment.
10. Press Enter to save.
11. Click P : Print and set Print Refund Voucher? to Yes , as shown below:
The printed refund voucher appears as shown below:
(B) Cancellation of Tax Liability to the extent of Refund of Advance Payment under Reverse Charge in Tally.ERP9
1. Go to the journal voucher.
2. Click J : Stat Adjustment
3. Select the options as shown below.
4. Debit the GST ledgers and credit the expense ledger, or ledger grouped under Current Assets .
5. Enable the option Provide GST Details and enter the transaction details.
6. Press Enter to save.
7. Press Enter to save.