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| Sep-23-2022

Electronic Book-Keeping using Tally Software

What are the various types of GST configurations available in Tally Software?

The various types of GST configurations available in Tally  Software are:

    • Outward Supply related configurations (Sales & Other income)

      As part of the primary configurations, the users can choose the configuration as either ‘GST Applicable’ or ‘GST Not Applicable’. If selected as ‘GST applicable’, then the further configurations can be enabled

      • Intra State or Inter State
      • Registered Customers (B2B) or Unregistered Customers (B2C)
      • Taxable category or Exempt Category
      • If Taxable – The GST Tax Rate
      • Whether it is a reverse charge transaction?
      • Whether it is a Non-GST Transaction (Applicable in case of supply of petrol/diesel and supply of alcoholic liquor)

    • Inward Supply related configurations (Purchases and Expenses)

      Apart from all the above configurations discussed above for outward supply related ledgers, an additional configuration is available with respect to Input tax credits, which facilitates the selection as ‘Is ineligible for input credit?’ It can be selected as ‘Yes’ in case of blocked credits like GST paid on purchase of motor vehicle, restaurant services, rent a cab services, etc. By doing so the input tax credits will get reflected under the category of blocked credits (Section 17(5)) under the return reports.

To read more, please click on e-book-Bookkeeping and Record Keeping in GST

(A Question & Answer based representation of the Subject) by CA. Annapurna Srikanth, B.Com, FCA, DISA, CS

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