How To GST Goods and Service Tax In Tally

GST Goods and Service Tax Management in Tally

Tally GST Notes – Different types of taxes are applicable on business entities in India. Tele provides the facility to manage all applicable taxes as on current date. Some of the common taxes are as follows:

GST Goods and Service Tax

The full name of GST is Goods and Service Tax. It is an Indirect Tax that is levied by the Government of India. GST has been created by combining more taxes so that tax can be simplified. This is managed by the GST Council, in which the entire council works under the leadership of the Finance Minister.

GST is also called one nation one tax.

GST Rates

5%
12%
18%
28%

Types of GST GST is divided into three parts

SGST – State Goods and Service Tax
CGST – Central Goods and Service Tax
IGST – Integrated Goods and Service Tax

SGST – State Goods and Service Tax

State Goods and Service Tax This GST tax goes to the state government like if 18% GST is being levied on the computer, then 9% is levied as SGST in it. SGST is levied only for buying and selling within the state. That is, if a person has to buy goods and sell goods inside the state, then he has to pay SGST.

CGST – Central Goods and Service Tax

CGST is levied on buying and selling within 1 state like I do TV on that 18% GST is given then 9% SGST and 9% CGST is entered in the bill thus total 18% GST levied.

IGST – Integrated Goods and Service Tax

IGST Integrated GST When we transact from one state to another, then IGST is levied as if I brought a goods from Mumbai and sold it in Chhattisgarh, in this way there is a transaction between two states. IGST is levied on such lane days as if I am buying a washing machine then IGST 18% will be levied on it.

GST Number GSTIN – Tally GST Notes

It is of 15 digits, the full form of GSTIN is the full name – goods and service tax tax identification number which we can divide into 5 parts.

State Code
PAN Number
Entity Number
Z Default Letter
Check Sum Digit

GST in tally – Tally ERP 9 Notes – Tally GST Notes

If we are knowing about Tally and want to work in Tally then it is very important for us to have knowledge of GST in Tally, so now we know about GST in Tally, GST i.e. Goods and Service Tax has been added in Tally since July 2019. gst you will get to see tally latest version tally erp 9.

GST entry in tally – Tally ERP 9 Tally GST Notes

To enter gst in tally we have to follow these steps

First you go to the gateway of tally
Go to F11 Features
Go to company features and select Statutory and Taxation option
After going to Statutory and Taxation, you will see its dialog box.
Yes to Enable Goods and Service Tax in the dialog box
After that set / alter gst details to yes
After doing yes, you will see a screen like this in which we have to fill all the information like state, GST number, period of gst etc.

Save all these information by filling and in this way our gst will be activated in tally

Now you have to create three types of lasers

SGST
CGST
IGST

SGST (state goods and service tax) as you already know that this tax goes to the state government and from this we will create a ledger in the name of sgst in tally in which we will sgst@9%, sgst@6%, sgst@14 can be created with the name of %.

While creating this ledger, keep in mind that select the type of tax GST and do not forget to give the percentage to them and save by filling the information in this way.

CGST (Central goods and service tax) As you already know that this tax goes to the central government and from this we will create a ledger in the name of cgst in tally in which we will cgst@9%, cgst@6%, cgst@ can be made in the name of 14%.

Now all three ledgers are ready, now we will create stock item, while creating stock item, keep in mind that yes, set / alter gst details and yes as soon as you do taxable taxability in GST Details for Stock Item and enter integrated tax rate like 18 , 28, 12 or 5 as per the GST rate of your stock item.

And enter the voucher as you can see below, we have made a stock item printer which is an electronic item in which GST 18 percent is to be given, this transaction is happening within 1 state, so here CGST 9 percent RS GST is being levied at 9% as soon as you enter the voucher entry Now after entering the item, it will come down by hitting an enter, come down, select the ledger of CGST and SGST automatically your GST gst amount will start coming in the voucher.

TDS (Deduction of Source Tax)
VAT (Value Added Tax)
CST (Central Sales Tax)
EXCISE (Excise Tax)

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