How to Use Tally ERP 9 for GST Compliance
Tally ERP 9 is one of the most popular accounting software used in India. It is a complete enterprise software for small and medium enterprises. Tally ERP 9 is a perfect business management solution and GST software with an ideal combination of function, control, and in-built customisability.
In this article, we will explain how to use Tally ERP 9 for GST compliance. We will cover the following topics:
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How to enable GST features in Tally ERP 9
How to set up GST details in masters
How to record GST transactions in Tally ERP 9
How to generate GSTR-1 report in Tally ERP 9
How to enable GST features in Tally ERP 9
To enable GST features in Tally ERP 9, follow these steps:
Go to Gateway of Tally > F11: Features > F3: Statutory & Taxation
Set Enable Goods and Services Tax (GST) to Yes
Enter the GSTIN of your company
Select the State where your company is registered
Enter the Applicable from date for GST
Press Ctrl+A to save the details
How to set up GST details in masters
To set up GST details in masters, you need to provide the following information:
The HSN/SAC code and tax rate for each stock item or service ledger
The GSTIN and state of each party ledger (customer or supplier)
The type and rate of GST for each sales and purchase ledger
The type of GST tax ledger (CGST, SGST, IGST or UGST)
You can use the GST Classification feature in Tally ERP 9 to easily set up GST details for multiple masters at once. You can also print the HSN/SAC code and tax rate in your invoices.
How to record GST transactions in Tally ERP 9
To record GST transactions in Tally ERP 9, you need to select the appropriate sales or purchase voucher type and enter the details of the transaction. Tally ERP 9 will automatically calculate and display the GST amount for each line item and the total invoice value.
You can record different types of GST transactions in Tally ERP 9, such as:
Inward supply (purchase) and outward supply (sales) of goods and services within or outside the state
Inward supply from unregistered dealers or import of goods or services with reverse charge mechanism
Export sales or sales to SEZ units or deemed exports with zero-rated tax or refundable tax
Sales or purchases of nil rated, exempt, non-GST or composite supply goods or services
Sales or purchases with change in assessable value or discount or additional charges
Sales or purchases with Kerala Flood Cess (applicable only for Kerala state)
Sales or purchase returns under GST
Advance receipts or payments under GST
Adjustment entries for tax credit, refund, interest, penalty, late fee, ISD credit, transitional credit, reversal of credit or other dues under GST
How to generate GSTR-1 report in Tally ERP 9
To generate GSTR-1 report in Tally ERP 9, follow these steps:
Go to Gateway of Tally > Display > Statutory Reports > GST > GSTR-1
Select the period for which you want to generate the report
The report will show the summary of all your outward supplies under different sections as per the GSTR-1 format
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