BASIC UNDERSTNDING OF GST

Structure of tax

Type of tax

Direct tax Indirect tax

Direct tax Indirect tax

excise
excise

Income
Income tax
tax fbt
fbt Service
Service tax
tax vat
vat
Entertainment tax
cst
cst
Custom duty
 Structure of tax

Type of tax

Direct tax
Direct tax
Indirect tax
Indirect tax
GST (GOODS
excise
excise
AND SERVICE
Income
Income tax
tax fbt
fbt Service
Service tax
tax vat
vat
Entertainment tax
cst
cst
TAX)
Custom duty
 TAXES IN INDIA

CENTRAL TAX STATE TAX

EXCISE SERVICE SALES ENTERTAIN

TAX TAX(VAT) MENT TAX

CUSTOMS CENTRAL ENTRY LUXURY

SALES TAX TAX TAX

PURCHASE
TAX
 WHAT IS INPUT CREDIT
PARTICULARS PURCHASE SALES AMOUNT TAX PAYABE TO
AMOUNT GOVT.
BASIC PRICE 1000 1500

EXCISE@12% 120 180 60

SUB TOTAL 1120 1680

VAT/CST@5% 56 84 28

TOTAL 1176 1764

DUAL GST MODEL: APPLICABLE IN
WITHIN STATE
 DUAL GST MODEL: APPLICABLE IN WITHIN STATE

TIMBER A FURNITURE B FURNITURE FINAL

C
MAKER MAKE RETAILER CONSUMER

STATE GST S GST

S GST S GST
S GST@10%
CENTRE GST C GST
C GST@10% C GST

C GST 10
TAX INVOICE C

TAX INVOICE A TAX INVOICE B COST OF GOODS=300

SGST@10% = 30
COST OF GOODS=100 COST OF GOODS=200 C GST @10% =30
SGST@10% = 10 SGST@10% = 20 TOTAL =360
C GST @10% =10 C GST @10% =20
TOTAL =120 TOTAL =240

INPUT CREDIT=20+20=40
INPUT CREDIT=0 INPUT CREDIT=10+10=20
 I GST –WORKING MODEL
S GST 30
PAYABLE
HARYANA DELHI
LESS: IGST IC -10
TOTAL 20
S GST PAID=10 PAYABLE

TIMBER FURNITURE FURNITURE CUSTOMER

MAKER A MAKER RETAILER
B CENTRAL
TRANSACTIONS
CGST PAYABLE 30 A 10
C GST PAID=10 IGST PAYABLE 40
LESS: IGST IC 30 B 20
LESS::S GST IC -10
TOTAL PAYABLE 00 C 0
LESS:CGST IC -10
TOTAL 30
TOTAL 20
PAYABLE

TAX INOICE -A
TAX INOICE -B TAX INOICE -C
COST OF GOOD 100
COST OF 200 COST OF GOOD 300
GOOD
S GST@10% 10 S GST@10% 30
C GST@10% 10 I GST @20% 40 C GST@10% 30
TOTAL 120 TOTAL TOTAL 360
 GST IMPLEMENT IN TALLY ERP9

UPDATE THE EXISTING DATA INTO NEW TALLY AND

CONTINUE WITH PREVIOUS DATA A

CREATE A NEW COMPANY WITH GST

 GST IMPLEMENT IN TALLY ERP9
ADVICE TO TALLY USER
IT S RECOMMENDED TO TAKE BACKUP OF YOUR
DATA BEFORE MOVING TO NEW RELEASE OF TALLY
WITH GST.

THIS IS FIRST STEP TO MOVING TALLY WITH GST

YOU CAN UPDATE MASTERS WITH ALL NECESSARY
FIELDS.
 GST IMPLEMENT IN TALLY ERP9
STEPS TO MOVING TALLY WITH GST

. ACTIVATE GST
. SETUP TAX RATES
. UPDATE STOCK ITEMS AND AND STOCK GROUPS
. UPDATE SALES AND PURCHASE LEDGER
. RESTART VOUCHER NUMBERING
. UPDATE CREDITORS/ DEBTORS LEDGER WITH GST IN
. CREATE GST LEDGERS
. CREATE INCOME AND EXPENSES LEDGER.
. RECORDING SALES AND PURCHASE TRANSACTIONS
. OTHER TRANSACTIONS
 GST IMPLEMENT IN TALLY ERP9
STEPS TO MOVING TALLY WITH GST

. ACTIVATE GST
. Company level-single tax rate
. Stock roup level
. Stock item level
. Gst rate classification
 GST IMPLEMENT IN TALLY ERP9
Reverse charge on purchase from unregistered dealer

. Gst payable if purchased from un registred dealer.

. Gst payable if advance payable paid to un registered
dealer.
 PURCHASE FROM URD
purchase Advance paid

Purchae diff. Cancellation

Purchase same month of po
Raise tax
month
liab. Advance
payment Same Diff .
Raise
Raise tax month month
Paid tax tax liab.
liab.
Raise
Exclude reversal
Pay tax Pay tax transaction journal
voucher
File return
File return
File
return
Inward
supply

Reverse
tax liab

File return