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Friday, 11 August 2017

Journal Adjustment Flags Updated in 6.0.3 - Tax amount does not match the value calculated as per set tax rate - Import of Goods under GST

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Good Bye (VAT, CST, Service Tax ) 
Wel Come GST ( CGST, SGST, IGST) With Tally.ERP 9 Release 6.0.3 (Gold) 

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


 Source :- https://help.tallysolutions.com/tallyweb/modules/pss/crm/kb/search/CKBTallyHelpSearchWIC.php?strEventID=9&productID=&docLink=te9rel60/Tax_India/gst/Journal_Flags_in_603.htm&docTitle=Journal%20Adjustment%20Flags%20Updated%20in%206.0.3&search_type=1&strSearchString=Journal%20Adjustment%20Flags%20Updated%20in%206.0.3&strSCIframeName=&strInvokedFromSupportCentreFlag=


Tax amount does not match the value calculated as per set tax rate (Verify xxxx tax amount)

Valid from Release 6.0.3 onwards

Cause

The warning message Tax amount does not match the value calculated as per set tax rate (Verify xxxx tax amount) appears when:
     GST ledgers are not selected while recording taxable sales or purchases.
     GST value auto-calculated in the taxable sales or purchase invoice is manually altered.
     Incorrect tax ledgers are selected in the voucher, for example, if integrated tax ledger is selected in a local transaction.
This message appears due to the difference in tax amount in the transaction and the tax amount calculated based on the tax rates inferred. This message also provides information of tax types for which the amount is incorrectly recorded in the voucher, and thus helps you in making the necessary corrections.
In case you want know the difference between the tax amount in the voucher and the calculated amount, click A: Tax Analysis. The Tax Analysis screen provides the tax values As per Calculation and As per Transaction.

Solution

You can save the transaction without having to make the tax amount corrections right now. You can resolve these saved transactions later from the Incomplete/Mismatch in information (to be resolved) section in GSTR-1 (sales transaction) or GSTR-2 (purchase transaction).
Once you have fixed the tax calculation error, you can include the corresponding voucher in the returns. However, in case the exception is not resolved, the voucher will not be included in the returns.

 Source :- https://help.tallysolutions.com/tallyweb/modules/pss/crm/kb/search/CKBTallyHelpSearchWIC.php?strEventID=9&productID=&docLink=te9rel60/Tax_India/gst/tax_amt_doesnt_match_set_value_gst.htm&docTitle=Tax%20amount%20does%20not%20match%20the%20value%20calculated%20as%20per%20set%20tax%20rate%20(Release%206.0.3%20onwards)&search_type=1&strSearchString=Tax%20amount%20does%20not%20match%20the%20value%20calculated%20as%20per%20set%20tax%20rate%20(Release%206.0.3%20onwards)&strSCIframeName=&strInvokedFromSupportCentreFlag=

Recording the Import of Goods under GST

Valid from Release 6.0.3
You can account for the import of goods using a purchase invoice, record tax payment, and then raise liability on the tax payable.
In an import transaction, GST applicability depends on the type of import:
     Taxable import: Integrated tax is applicable. Select Imports Taxable as the Nature of transaction in the purchase ledger created for taxable imports.
     Exempt import: No tax is applicable. Select Imports Exempt as the Nature of transaction in the purchase ledger created for exempt imports.
To record taxable imports under GST:
     Raise tax liability using journal adjustment, and then pay it to the department.
To record the import of goods
1.    Go to Gateway of Tally > Accounting Vouchers > F9: Purchase.
2.    In Party's A/c Name, select the supplier's ledger.
Note: In the ledger master of the supplier, ensure that India has not been selected as the Country.
3.    Select the stock item, and enter the quantity and rate.
4.    Provide GST details - Yes, to enter additional details regarding the import.
5.    Press Ctrl+A to accept.
You can view the corresponding impact in GSTR-2, and drill down Import of Goods Invoices for more details.
To include customs duty in the taxable value
1.    Go to the purchase invoice recorded earlier.
2.    Select the purchase ledger.
3.    Select the stock item, and enter the quantity and rate. The GST Details screen appears.
o     Calculate the value of customs duty according to the rate specified by the department, and add it to the original taxable value. Enter the total amount in Taxable Value.
o     Press Ctrl+A to accept.
You can view the corresponding impact in GSTR-2:
To add the column Eligible Integrated Tax Amount to GSTR-2, open the table Import of Goods Invoices in GSTR-2, press F12 and enable the option Show Eligible Amount? Now GSTR-2 along with the column for eligible amount will appear as shown below:

Recording payment towards customs duty and integrated tax

To record payment towards customs duty and integrated tax, you have to create a customs duty ledger (or alter) with the following configuration:
     In the ledger, select Purchase accounts in Under.
     Set Inventory values are affected? to Yes.
     In F12: Configure in the customs duty ledger, set Allow method of appropriation (used in purchase invoice)? to Yes.
     Select Appropriate by Value as the Method of appropriation in purchase invoice.
To record payment towards customs duty and integrated tax
1.    Go to Gateway of Tally > Accounting Vouchers > F5: Payment.
2.    Select the customs duty ledger.
o     In the Inventory Allocations screen, select the item and enter only the Amount.
3.    Select the integrated tax ledger, and enter the tax amount.
To record a journal voucher to raise tax liability
1.    Go to Gateway of Tally > Accounting Vouchers > F7: Journal.
2.    Click J: Stat Adjustment.
3.    Debit the ledger created for tax on imports (created under Current Assets) and credit the integrated tax ledger. In the ledger master created for tax on imports, ensure that the option Is GST applicable? is set to Not Applicable.
To claim tax credit on the liability of imports
1.    In the journal voucher, click J: Stat Adjustment and set the options as shown below:
2.    Debit the integrated tax ledger and credit the ledger created for tax on imports.
3.    Press Enter to save.
To view the transactions in GSTR-3B report
1.    Go to Gateway of Tally > Display > Statutory Reports > GST > GSTR-3B.
2.    Click V: Default View and F1: Detailed, to view the purchase invoice details with the tax credit claimed on the purchase.
You can record journal vouchers related to import of capital goods with the following details:
Nature of Adjustment
Additional Details
Ledgers to be used
Increase of Input Tax Credit
Import of Capital Goods
Debit: GST ledgers (integrated tax/state tax and central tax).
Credit: Ledger grouped under Current Assets.
Increase of Tax Liability

Source :-  https://help.tallysolutions.com/tallyweb/modules/pss/crm/kb/search/CKBTallyHelpSearchWIC.php?strEventID=9&productID=&docLink=te9rel60/Tax_India/gst/import_goods_6.0.3.htm&docTitle=Recording%20the%20Import%20of%20Goods%20under%20GST%20(Valid%20From%20Release%206.0.3)&search_type=1&strSearchString=Recording%20the%20Import%20of%20Goods%20under%20GST%20(Valid%20From%20Release%206.0.3)&strSCIframeName=&strInvokedFromSupportCentreFlag=

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1 comment:


  1. Its a wonderful post and very helpful, thanks for all this information. You are including better information regarding this topic in an effective way.Thank you so much

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