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View ITC at Risk & Settle Bills Using Ledger Outstandings – GST

Handling ITC can be tricky, especially if your business deals with numerous suppliers. TallyPrime has just the report for you, where you can quickly view the ITC requirements across all your bills for a particular supplier.

There’s no need to spend your time and efforts in collecting data across multiple reports or tools. Ledger Outstandings – GST provides a clear picture of whether your seller has uploaded the vouchers on the GST portal, along with the appropriate tax amounts. You can easily figure out any discrepancy with any party using the Diff in Tax Amount column.

Once you have a clear view of the tax requirements, you can settle your bills without a worry.

1. Press Alt+G (Go To) > Ledger Outstandings – GST and select the required party ledger.
   For your bills against the party, you will have a clear view of the Difference in Tax Amount (ITC at Risk), the Balance After Difference in Tax, and the GST Status. This will help in easy settlement of the bills, without the need to manually calculate the amount after considering ITC at risk.
   
2. Press F7 (GST Info) for a detailed picture of the difference between the amounts.
   
3. Press Esc to return to Ledger Outstandings – GST.
4. On the relevant bill, press Shift+Enter to view the details of the available vouchers.
   The ITC at risk for each bill is the total of the difference in tax in each voucher.
   
5. On the relevant voucher, press Alt+R (GST Portal View) to view the details available on the GST portal.
6. Press F8 (Show Portal Value).
   You will get a clearer idea about the reason of mismatch. You can also view the tax breakup along with the GST rates and amounts.
   
7. Press F9 (Differential Mode).
   
   In this way, you can view the difference between the transactions in your books and the transactions downloaded from the GST portal.

Settle Bills Considering ITC at Risk

Once you are clear about the differences in Amount, you can easily settle the bills. You have the flexibility to settle bills for the pending amount, or for the balance amount after considering ITC at risk.

1. In Ledger Outstandings – GST, select the bill that you want to settle.
   
2. Press F12 (Configure) and enable Settle Bills as per Difference in Amount, if you want to settle bills after considering ITC at risk.
3. Press Alt+B (Settle Bills).
   In the Bill Settlement screen, you can see that the Amount for settlement considers the difference in Tax Amount.
   
4. Select the Account for making the payment and enter the required Narration.
5. Press Ctrl+A to save the details.
   A payment voucher will be created, based on the specified details.
   
6. Press Ctrl+A to save the voucher.
   Now in Ledger Outstandings – GST, you can see that the Balance amount is adjusted as per the payment.

Set GST Status of Vouchers

Ledger Outstandings – GST also provides you with the flexibility to set the required GST status for your vouchers. In certain cases, the bill might be outdated or the difference in the amounts might be minimal. Further, the bill might belong to a branch of your own business, and you don’t want to consider it as a risk.

In such scenarios, you can override the ITC at risk and reconcile the voucher. 

1. Press Alt+G (Go To) > Ledger Outstandings – GST.
   Under Status, you can view the bills that are Mismatched.
2. On the relevant Mismatched bill, press Shift+Enter to view the voucher details.
   
3. On the voucher, press Alt+V (Set GST Status) and set the GST Status as Reconciled.
   
4. Press Ctrl+A to save the status.
   The transactions will be reconciled, and there will be no difference in the tax amount between the books and the portal.
   

In this way, Ledger Outstandings – GST provides you with great clarity about the ITC at risk. This will help you in taking faster and more reliable business decisions.