Once you activate GST in your company, you can record a variety of purchase transactions (inward supply) such as nil rated, exempt, SEZ purchases, works contract, purchases attracting GST and TDS using a purchase voucher.
Purchase of works contract services
Purchase attracting GST and TDS
New nature of transactions supported as per filing requirements
While recording any type of purchase transaction, you can choose either of the following methods:
● Method 1: For a specific type of purchase transaction, you can create or update the purchase ledger with the relevant Nature of transaction. Select this purchase ledger while recording the purchase transaction.
● Method 2: Select the common purchase ledger during the purchase transaction. Press F12 and enable the option Allow modification of tax details for GST? Now select the Classification/Nature.
The purchase of nil rated goods from a local or interstate supplier does not attract GST, and can be recorded using a purchase voucher. In the ledger masters of the goods or services classified as nil rated (0%), Taxability should be set to Nil Rated in the GST Details screen.
● Go to Gateway of Tally > Accounting Vouchers > F9: Purchases.
● Select the applicable purchase ledger. For example, Nil Rated Purchases.
Depending on the location of the party, you can record a local or interstate nil rated purchase transaction.
The local or interstate purchase of goods or services exempted from GST can be recorded using a purchase voucher. In the ledger masters of the exempted goods or services, Taxability should be set to Exempt in the GST Details screen.
● Go to Gateway of Tally > Accounting Vouchers > F9: Purchases.
● Select the applicable purchase ledger. For example, Exempt Purchases.
The penultimate purchases for exports, can be recorded in purchase voucher.
● Taxable deemed export: Integrated tax is applicable for both local and interstate parties.
● Exempt and nil rated deemed export: No tax is applicable.
To record deemed export
● Go to Gateway of Tally > Accounting Vouchers > F9: Purchases.
● Select the party predefined with the options:
o Consider Purchase for Export? set to Yes
o Party Type set to Deemed Export
● Select the purchase ledger of deemed export nature of transaction.
The purchase of goods and services from a party in an SEZ can be recorded using a purchase voucher. In an SEZ purchase transaction, taxes are applicable based on the type of purchase:
● Purchase from SEZ - Taxable: In SEZ purchases, integrated tax is applicable for both local and interstate parties. In the Party Details screen of the invoice, set the option Is BOE not Available? to No.
● Purchase from SEZ - Exempt or Nil Rated: No tax is applicable. In the Party Details screen of the invoice, set the option Is BOE not Available? to No.
● Purchase from SEZ without bill of entry: Can be taxable, exempt or nil rated. In the Party Details screen of the invoice, set the option Is BOE not Available? to Yes.
● Purchase from SEZ - LUT/Bond: No tax is applicable. Such purchases can be made when your supplier has signed up a letter of undertaking with the department for the sale of goods without the payment of duty. While passing the purchase transaction, you can select either the ledger created for exempt SEZ purchases or the common purchase ledger.
o Provide the LUT/Bond details in the Company GST Details screen.
o Set the option in Is BOE not Available? to Yes in the Party Details screen of the invoice.
To record SEZ purchases
● Go to Gateway of Tally > Accounting Vouchers > F9: Purchases.
● Select the applicable purchase ledger. For example, SEZ Purchases.
Provide GST details: Enable this option if you want to enter additional details regarding the SEZ transaction.
You can record a material out/delivery note voucher if you have sent material to works contractor. Then record a purchase invoice when you receive the service. Under GST you need to report only the purchase invoice for works contract.
To record a purchase invoice for works contract
1. Go to Gateway of Tally > Accounting Vouchers > F9: Purchase.
Supplier invoice no.: Displays the sales invoice no. of the supplying party.
Date: Displays the date on which the sales invoice was passed by the supplier.
2. In Party A/c name, select the supplier's ledger.
3. Select the purchase ledger and enter the amount. Ensure the purchase ledger has details as shown below:
4. Select the GST ledgers (central and state, or integrated) based on the state selected for the supplier ledger.
You can view the tax details by clicking A: Tax Analysis. Click F1: Detailed to view the tax break-up.
You can record a purchase voucher for services that attract GST and TDS.
Enable the purchase ledger for TDS and GST.
Enable the party ledger for TDS.
Record a purchase invoice with GST and TDS ledgers.
Master Setup |
Party Details screen of Invoice |
|||
|---|---|---|---|---|
Nature of Transaction |
Taxability |
Party Type |
Consider Party for Export |
Is BOE Not Available? |
Imports Nil Rated |
Nil Rated |
Not Applicable |
-- |
-- |
Purchase from SEZ - Nil Rated |
Nil Rated |
SEZ |
-- |
No |
Purchase from SEZ (Without Bill of Entry) - Taxable |
Taxable |
SEZ |
-- |
Yes |
Purchase from SEZ (Without Bill of Entry) - Exempt |
Exempt |
SEZ |
-- |
Yes |
Purchase from SEZ (Without Bill of Entry) - Nil Rated |
Nil Rated |
SEZ |
-- |
Yes |
Purchase from SEZ - LUT/Bond (Ensure the option Provide LUT/Bond details? is enabled in Company GST Details screen) |
Exempt |
SEZ |
-- |
Yes |
Purchase Deemed Exports - Taxable |
Taxable |
-- |
Yes |
-- |
Purchase Deemed Exports - Exempt |
Exempt |
-- |
Yes |
-- |
Purchase Deemed Exports - Nil Rated |
Nil Rated |
-- |
Yes |
-- |
Interstate Purchase from Unregistered Dealer - Services |
Exempt |
-- |
-- |
-- |
Purchase from SEZ - Taxable |
Taxable |
SEZ |
-- |
No |
Purchase from SEZ - Exempt |
Exempt |
SEZ |
-- |
No |
GST Sales - Nil Rated, Exempt, SEZ, Deemed Export, Consumer, and Consignee Sales