ENTRY OF GST IN TALLY

ACCOUNTING OF COMPOSITION SCHEME IN TALLY WITH GST.

*COMPOSITION SCHEME:- GST has introduced composition scheme beneficial for small business with annual turnover up to Rs 1.5 crores. Composition dealer can't raise tax invoice instead he must create a"Bill of Supply". He is not Authorized to collect tax from customers , instead he has to pay the tax from his own pocket.

*Important points under Composition scheme at time of purchase.

1. Composition dealer can purchase from inter-state or inter-state regular dealer with paying tax.
2. Composition can purchase from only intra-state composition dealer without paid any type of taxes.
3. Composition can purchase from intra-state unregistered dealer without paying tax.
4. Composition dealer has to pay tax under reverse charge on specified purchases, purchase form unregistered dealer and import of services.

*Important points under Composition scheme at time of Sale.

1. No inter-state sale can be made by a Composition dealer.
2. Composition can sale to local Regular and Composition dealer without issue any type of taxes.

*Enable composition scheme in tally erp 9
Step1--GOT> F11>F3>
       Enable goods and services tax (GST)-yes
        Set/Alter GST details- yes
                        Fill details--
          Registration type-- Composition
           GSTIN-- 10DASFG2345K1Z3
            STATE-- Bihar

*Step2-  Create ledger (ALC)
 
NAME        UNDER                Type of ledger
CGST       Indirect expense        Central tax
SGST       Indirect expense         State tax
IGST        Indirect expense        Integrated tax

Note- Appropriate tax value in purchase invoice-- NO

*Step3- PURCHASE VOUCHER..

PART 1- Purchase voucher(F9) entry by Composition dealer from regular dealer.

Party name- Monty Regular dealer
Purchase ledger- Purchase A/c
Stock Item-  HTC phone-10pcs- 10000/pcs
Tax ledger- CGST+SGST

*PART 2- Purchase voucher(F9) entry by Composition dealer from composition dealer.

Party name- Monu Composition
Purchase ledger- Purchase A/c
Stock item- Oppo phone-10pcs- 10000/pcs

*PART 3- Purchase voucher(F9) entry by Composition dealer from unregistered dealer.

Party name- Mehta unregistered
Purchase ledger- Purchase A/c
Stock item- Realme phone-10pcs- 10000/pcs

*Step4- SALE VOUCHER..


*PART 1- Purchase voucher(F9) entry by Composition dealer to regular dealer.

Party name- John Regular dealer
Sale ledger-  sale A/c
Stock Item-  HTC phone-10pcs- 10000/pcs

*PART 2- Purchase voucher(F9) entry by Composition dealer to composition dealer.
        
Party name- Ronny composition
Sale ledger-  sale A/c
Stock Item-  Realme phone-10pcs- 10000/pcs

*NOTE- RETURN FILE FOR COMPOSITION SCHEME..
1. GSTR-4 :- IT is filed quarterly that's means every quarterly months example 18th January,18th April, 18th July, 18th October.

2. GSTR-9A :- IT is filed once time as annually(in December).