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Output GST Adjustment against Input Tax Credit (ITC) under GST in TallyERP9

The Input Tax Credits of Central tax, Integrated Tax and State Tax can be used to set-off the Liability of Output Central Tax, State Tax/UT Tax and Integrated Tax in the order specified under GST.

The order in which Input Tax Credit can be offset is given below :

Input Tax Credit

Set-off against the Liability  of Output GST

Input CGST

  1. Output CGST (set-off complete liability) and
  2. then Output IGST (in that order).

Input IGST

  1. Output IGST (set-off complete liability).
  2. Remaining credit, if any, to be utilised to pay Output CGST, or Output SGST/ Output UTGST, in any order and any proportion.

Input SGST / Input UTGST

  1. Output SGST / UTGST (set-off complete liability) and
  2. then Output IGST (in that order).

Example 1 : The following Transaction has been done by the Swayam Education Pvt. Ltd. Based on this transaction compute the GST payable to the Government.

1.         Purchase from Raj Infotech-Local Dealer (GSTN No – 21AGJPP1881C1ZP) , 5 CDs of Antivirus Software @ ₹. 800 each, with Input GST rate @ 18%. i.e. ₹.. 720 -  [ CGST (9%) ₹.360 and SGST (9%) ₹.360 ]

2.         Purchase from Microtek India Ltd.-Local Dealer (GSTN No – 21AGJPP1882C1ZP) , 10 Monitors @  ₹. 4000 each, with Input GST @ 28% i.e. ₹.11,200 – [ CGST (14%) ₹.5600 and SGST (14%) ₹. 5600. ]

3.         Purchase 2 ‘Hp-Laptop’ @ ₹. 45,000 with Input IGST @ 18% i.e. ₹. 16,200.
and

2 Mi-Note 4 Mobiles @ ₹. 10,000 each with Input IGST 12% i.e. ₹.2,400 –  in Cash from  Outside State – West Bengal from Registered Dealer ( with GSTN – 19AAAAA0000A1Z5 ) .

4.         Sale of 5 Antivirus Software CDs @ ₹.1500 to Rajib Roy & Sons (GSTN No – 21AGJPP1883C1ZP) with output GST 18% i.e. ₹. 1350 – [CGST (9%) ₹. 675 and SGST (9%) ₹.675 ]

5.         Sale of 10 Monitors @ ₹.4500 , to H. Goenka Traders (GSTN No – 21AGJPP1884C1ZP) with Output GST @ 28% i.e. ₹. 12600 – [ CGST (14%) ₹. 6300 and SGST (14%) ₹. 6300 ]

6.         Sale of 2  ‘Hp-Laptop’ @ ₹ 50,000 with Output GST @ 18% i.e. ₹.18,000 [ CGST (9%) ₹.9,000 and SGST (9%) ₹.9,000 ] in Cash within State A Registered Dealer (GSTN No – 21AGJPP1885C1ZP) 

7.         2  Mi-Note 4 Mobiles Outside State @ ₹. 15,000 each with Output IGST 12% i.e. ₹. 3600  in Cash to a Party in Outside State i.e. Andhra Pradesh ( with GSTN No - 37AADCB2230M2ZR ) . 

Solutions :


For PURCHASE & PAYMENT :

IGST

CGST

SGST

For Transaction 1 : GST paid to party on assessable value of ₹.4,000 @ 18 % GST is ₹. 720

 

360

360

For Transaction 2 : GST paid  to Party on the assessable Value of ₹. 40,000 @ 28% GST is ₹. 11,200

 

5600

5600

For Transaction 3 : IGST paid on the assessable Value of ₹. 90,000 @ 18% GST is ₹. 16,200 &  ₹. 20,000 @ 12% GST is ₹. 2,400 [ 16200+2400]

18600

 

 

Total of Input GST [ IGST, SGST & CGST]

18600

5960

5960

For SALES :

 

 

 

For Transaction 6 : GST received from Party on assessable value of ₹. 7,500  @ 18% GST ₹. 1350

 

675

675

For Transaction 7 : GST received from Party on assessable value of ₹. 45,000 @ 28 % GST ₹. 12600

 

6300

6300

For Transaction 8 : GST received on the assessable Value of ₹. 1,00,000 @ 18% GST is ₹. 18,000.

 

9000

9000

For Transaction 9 : IGST received on the assessable Value of ₹. 30,000 @ 12% IGST is ₹.3600 for sale outside State.

3600

 

 

Total Output GST [ IGST, SGST & CGST]

3600

15,975

15,975

TABLE OF GST ADJUSTMENT :


Particulars

IGST

CGST

SGST

Output GST Liability

3600

15,975

15,975

Less : Input GST Credit

 

 

 

Input CGST

 

5960

 

Input SGST

 

 

5960

Input IGST

3600

10015

4985

Amount Payable i.e SGST only

NIL

NIL

5030

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 ₹. 18,600, firstly it will be completely setoff against IGST i.e. 3600. Then balance ₹.15,000 against CGST i.e. ₹. 10015 and remaining Balance of ₹. 4985 against SGST

From the total Output GST ₹.35,550, only Output SGST of  ₹. 5030 is payable.

1.  Go to Gateway of Tally > Accounting Vouchers > F7: Journal .

Note: You can also create a journal voucher from Gateway of Tally > Display > Statutory Reports > GST > GSTR-1 or GSTR-2 .

2.  Click : Stat Adjustment .

3.  In the Stat Adjustment Details screen, select the options as shown below:

Stat Adjustment for GST Adjustment Journal Voucher in TallyERP9
(Fig-194)

4.  Press Enter to save and return to the journal voucher.

5.  In the journal voucher, debit and credit the ledgers as per the scenarios mentioned below:

So the Set-Off Entries will be -
1.         Setoff against CGST Output

 

Dr.

Cr.

Output CGST A/c  Dr.

15975

 

To        Input CGST     A/c

 

5960

To        Input IGST      A/c

 

10015

2.         Setoff against SGST Output

 

Dr.

Cr.

Output SGST A/c  Dr.

15975

 

To        Input SGST     A/c

 

5960

To        Input IGST      A/c

 

4985

To        Output SGST Payable A/c

 

5030

3.         Setoff against IGST Output

 

Dr.

Cr.

Output IGST A/c  Dr.

3600

 

To        Input IGST      A/c

 

3600

4.         Final Payment of Output SGST Payable of ₹. 5030

 

Dr.

Cr.

Output SGST Payable A/c  Dr.

5030

 

To        Bank A/c

 

5030

 
Sale of Fixed Assets under GST in TallyERP9 GST Using Tally.ERP9 Journal Voucher to Increase of Tax Liability for Interest, Penalty, Late Fee and Other Dues in GST in TallyERP9


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