View Purchase of Reverse Charge Supplies Report in TallyPrime – GST
You can view purchase of reverse charge supplies report in TallyPrime, which displays transactions of purchases and journal vouchers recorded under reverse charge. At the bottom of the report, the Summary of Tax Liability is displayed with columns for:
- Total liability and the amount which can be claimed as tax credit.
- Liability and tax credit booked.
- Pending tax liability to be booked and tax credit to be claimed.
This report gives you a quick overview of the tax liability created due to purchases under reverse charge and enables you to record the required adjustment transaction to bring liability and input tax credit into your books of accounts.
The purchases recorded under reverse charge (Is reverse charge applicable? set to Yes in GST Details screen of accounts/inventory masters) using the following nature of transactions are captured in this report:
- Purchase Taxable
- Interstate Purchase Taxable
To view the Reverse Charge Supplies report,
- Press Alt+G (Go To) > type and select Reverse Charge Supplies.
If you are using TallyPrime Release 2.0 or earlier, in the GSTR-3B report, drill down from Reverse Charge Inward Supplies.
- Press Ctrl+H (Liability/ITC Booked) to view the journal vouchers recorded with the following details:
- Nature of Adjustment – Increase of Tax Liability with Additional Details – Purchase under Reverse Charge
- Nature of Adjustment – Increase of Tax Liability & Input Tax Credit with Additional Details – Purchase under Reverse Charge
- Nature of Adjustment – Increase of Input Tax Credit with Additional Details – Purchase under Reverse Charge
- Press Alt+J (Stat Adjustment) to record journal transactions for booking the pending liability and for updating the liability in books of accounts.
Click here for detailed information on recording a journal transaction for creating tax liability for purchases under reverse charge.
