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Record Indirect Incomes Under GST

With TallyPrime, you can easily record indirect incomes under GST using a Journal voucher.

Let us proceed using the sample company, National Electronics, which generates indirect income like a sales commission or the sale of fixed assets that are taxable under GST.

Before you begin | Prerequisites

• Make sure that GST details are configured for your Company. If you have multiple GST registrations, you may configure all registrations in the same Company.
• Though you can create masters in the flow of your transactions, it is recommended that you set up masters to ensure consistency in GST details.
  • Configure GST details in party masters.
  • Create necessary tax ledgers: CGST, SGST/UTGST, and IGST.
  • Create an Expense ledger under Indirect Expenses, and set the Nature of transaction as Local Purchase – Taxable. 
• Make sure you are familiar with creating Journal vouchers in TallyPrime.

1. In the Journal voucher, press F12 (Configure) and enable Modify GST & HSN/SAC related details and Provide Reference No. and Date.
2. Enter the Supplier Invoice No. and Date.
3. Under Particulars, debit the income and tax ledgers and credit the party ledger.
   
4. Complete the entries and press Ctrl+A to save the Journal voucher.

The transaction will appear in GSTR-3B under Eligible for Input Tax Credit.

The topic Purchases with GST in TallyPrime further showcases the business scenarios that TallyPrime handles with ease.