Since the launch of GST, the rules with respect to recording transactions and filing returns have seen many updates. These updates have prompted changes to the features and processes of recording transactions in Tally.ERP 9. Some features that were provided in Release 6.0 are being updated in Release 6.0.3 to support the new requirements.
The changes have been mostly with respect to recording adjustment transactions for advance receipt and payment, and reverse charge. Many new adjustment flags are now provided in journal vouchers, some are removed and a few have been renamed.
Given below is the list of journal adjustment flags that are newly added, renamed, and removed.
Purpose |
Nature of adjustment |
Additional Details |
Sample Entry |
|
Advance Receipt: When advance is received for goods/services and the corresponding sales invoice is not raised in the same month, GST has to be paid by the tax payer for the advance received. When a sales invoice is raised against the advance received in a different period, then track the advance and capture the transaction number of the advance tax paid. |
Increase of Tax Liability
|
● Advance Receipts for Exports/SEZ sales |
Dr Tax on advance Cr IGST |
Decrease of Tax Liability |
● Sales against Advance Receipts ● Sales against Advance Receipts for Export/SEZ Sales ● Cancellation of Advance Receipts for Exports/SEZ sales ● Cancellation of Advance Receipts |
Dr IGST Cr Tax on advance |
|
|
Reverse Charge: Where the recipient is liable to pay tax: ● Purchase from an unregistered dealer ● Other categories of supplies applicable for reverse charge ● Imports ● Purchase from SEZ |
Increase of Input Tax Credit
|
● Import of Service ● Import of Capital Goods ● Purchase from SEZ ● Purchase from an Unregistered Dealer |
Dr IGST/CSGT/SGT Cr Ledger created for tax on import of services/capital goods/SEZ and URD purchase |
|
Increase of Tax Liability
|
● Import of Capital Goods ● Import of Service ● Purchase from an Unregistered Dealer ● Purchase from SEZ |
Dr Ledger created for tax on import of services/capital goods/SEZ and URD purchase Cr IGST/CSGT/SGT |
|
|
Reversal of Tax Liability
|
● Import of Services ● Purchase from an Unregistered Dealer |
Dr IGST/CSGT/SGT Cr Ledger created for tax on import of services/URD purchase |
|
Reversal of Input Tax Credit |
● Import of Services ● Purchase from an Unregistered Dealer ● Purchase under Reverse Charge |
Dr Ledger created for tax on import of services/URD purchase/purchase under reverse charge Cr IGST/CSGT/SGT |
Nature of adjustment |
Additional Details |
Increase of Input Tax Credit |
● Tax Paid on Advance under Reverse Charge |
Increase of Tax Liability & Input Tax Credit |
● Import of Capital Goods ● Imports ● Purchase under Reverse Charge |
Reversal of Tax Liability & Input Tax Credit |
● Purchase under Reverse Charge |
Nature of adjustment |
Additional Details (Old) |
Additional Details (New) |
Increase of Input Tax Credit |
● Imports |
● Import of Goods |
Increase of Tax Liability |
● Imports |
● Import of Goods |
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