https://help.tallysolutions.com/docs/te9rel60/Tax_India/gst/Journal_Flags_in_603.htm

Journal Adjustment Flags Updated in 6.0.3

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.

Journal Flags Added

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

 

Journal Flags Removed

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

 

Journal Flags Renamed

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