HANDBOOK FOR ACCOUNTANTS - JOURNAL ENTRIES - Top GST … · List of Ledgers to be Created There is...
Transcript of HANDBOOK FOR ACCOUNTANTS - JOURNAL ENTRIES - Top GST … · List of Ledgers to be Created There is...
Prepared by: CA. Venugopal Gella
Intention:
1. To Ease the Accountant
2. Tally screenshots are presented for educational purpose.
3. No part of the document shall be construed as promotion of any person/organisation.
4. This is the V 1.0, and we update the document time to time.
Tuesday, 25 July 2017
Venugopal Gella
Chartered Accountants
GST HANDBOOK FOR ACCOUNTANTS -
JOURNAL ENTRIES
1 Venu & Vinay Chartered Accountants
Contents
List of Ledgers to be created ...................................................................................................................... 2
Journal Entries in Books of accounting ...................................................................................................... 3
Recording a journal voucher in tally .......................................................................................................... 7
Create RCM Purchase Ledger ................................................................................................................ 7
Accounting for RCM Transaction ........................................................................................................... 8
Increase Tax Liablity ............................................................................................................................... 9
Increase Liability and Credit Jointly ..................................................................................................... 10
Payment of Taxes ................................................................................................................................. 11
RCM Payment Voucher ........................................................................................................................ 12
Recording a journal voucher to raise liability for reverse charge ........................................................ 13
Reverse RCM Liability & Take Credit ................................................................................................... 15
Claim tax credit when the advance amount paid matches with the purchase value .......................... 16
Cancellation/Reversal of Payment Voucher ........................................................................................ 19
Purchase Returns under reverse charge .............................................................................................. 20
To record a debit note ......................................................................................................................... 22
Input Tax Credit ........................................................................................................................................ 24
P&L and GST ............................................................................................................................................. 25
Return for the Month of July, August & September due dates ............................................................... 26
2 Venu & Vinay Chartered Accountants
List of Ledgers to be Created There is no defined rule of accounting for GST. These ledgers and entries are created to have better
control and ease of reconciling with the books Electronic Registers maintained by GSTN. If multiple
GSTIN Books are maintained in same entity additional ledgers may be created as per the need.
Sales A/c Local B2B sales A/c
Local B2C sales A/c
Interstate B2B sales A/c
Interstate B2C sales A/c
Direct Expenses A/c
Direct Expenses Registered A/c
Direct Expenses Unregistered A/c
Purchase A/c Sundry Creditors (Group in tally)
Local Purchase A/c Creditors – Registered
Interstate Purchase A/c Creditors – Unregistered
Local RCM Purchases A/c
Interstate RCM Purchases A/c Creditors – Registered (ledger)
URD Purchase A/c Vendors A/c (registered)
Import A/c Vendors A/c (unregistered)
Local Composition Dealer Purchase A/c
Interstate Composition Dealer Purchase A/c
Sundry Debtors
Exempt & Nil rated Purchase A/c Debtors
Current Liability Liability Ledger CGST A/c
Liability Ledger SGST A/c
Liability Ledger IGST A/c
Indirect Expenses A/c Indirect Expenses Registered A/c
Indirect Expenses Unregistered A/c
Current Assets
Input CGST A/c
Input SGST A/c
Input IGST A/c
Input CGST RCM A/c
Input SGST RCM A/c
Input IGST RCM A/c
Input CGST URD A/c
Input SGST URD A/c
Input IGST URD A/c
ITC CGST Ledger A/c
ITC SGST Ledger A/c
ITC IGST Ledger A/c
Provisional ITC CGST A/c
Provisional ITC SGST A/c
Provisional ITC IGST A/c
Electronic Cash CGST Ledger A/c
Electronic Cash SGST Ledger A/c
Electronic Cash IGST Ledger A/c
Cash/ Bank A/c
Duties and taxes (current liabilities)
9% Output CGST A/c*
9% Output SGST A/c*
18% Output IGST A/c*
9% Output CGST (Advance) A/c
9% Output SGST (Advance) A/c
18% Output IGST (Advance) A/c
CGST Advance A/c
SGST Advance A/c
9% Output CGST URD A/c(Liability)
9% Output SGST URD A/c(Liability)
18% Output IGST URD A/c(Liability)
9% Output CGST RCM A/c(Liability)
9% Output SGST RCM A/c(Liability)
18% Output IGST RCM A/c(Liability)
IGST Advance A/c
*Note: Here only 18% GST rate is
considered. Similar entries apply for
other rates of taxes.
3 Venu & Vinay Chartered Accountants
Journal Entries in Books of accounting
Transaction Under GST (All values are sample number for understanding)
Outward Supply-Sales Reporting in GSTR table
Local Sale – B2B Dr Debtors A/c Cr Local B2B sales A/c Cr 9% Output CGST A/c Cr 9%Output SGST A/c
1,41,600 1,20,000
10,800 10,800
GSTR 1 Table 4A
eCommerce Transactions can be an additional entry
Interstate Sale Dr Debtors A/c Cr Interstate B2B sales A/c Cr 18% Output IGST A/c
1,18,000 1,00,000 18,000
GSTR 1 Table 4A
Local Sale – B2CL Dr Debtors A/c Cr Local B2C sales A/c Cr 9% Output CGST A/c Cr 9% Output SGST A/c
11,80,000 10,00,000
90,000 90,000
GSTR 1 Table 5
To report with state code
Export (When GST payable)
Dr Debtors A/c Dr IGST Refund Due A/c. Cr Sales (export) A/c Cr 18% Output IGST A/c
2,00,000 36,000
2,00,000 36,000
GSTR 1 Table 6A
With payment of Duty
Export Dr Debtors A/c Cr Sales (export) A/c
1,25,000 1,25,000
GSTR 1 Table 6A
Under LUT or Bond
Local Sale – B2CS Dr Debtors A/c Cr Local B2C sales A/c Cr 9% Output CGST A/c Cr 9% Output SGST A/c
1,41,600 1,20,000
10,800 10,800
GSTR 1 Table 7A
Exempted / NIL Dr Debtors A/c Cr Exempted Sales A/c
1,50,000 1,50,000
GSTR 1 Table 8
Credit Note – B2B Dr Local B2B sales A/c Dr 9% Output CGST A/c Dr 9% Output SGST A/c Cr Debtors A/c
1,20,000 10,800 10,800
1,41,600
GSTR 1 Table 9
Adjustments to Past sales
Credit Note – B2C Dr Local B2C sales A/c Dr 9% Output CGST A/c Dr 9% Output SGST A/c Cr Debtors A/c
1,20,000 10,800 10,800
1,41,600
GSTR 1 Table 10
Adjustments to Past sales
Advance receipt (say in July) (A)
Dr Cash/Bank A/c Dr IGST Advance A/c Cr Customer A/c Cr 18% Output IGST (Advance) A/c
10,000 1,800
10,000 1,800
GSTR 1 Table 11A
Raising of Invoice in subsequent month (say in August) (B)
Dr Customer A/c Cr Sales A/c Cr 18% Output IGST A/c
1,18,000 1,00,000
18,000
GSTR 1 Table 4A
Dr 18% Output IGST A/c Cr IGST Advance A/c
1,800
1,800
GSTR 1 Table 11B
Dr Cash/Bank A/c Cr Customer A/c
1,08,000 1,08,000
N A
4 Venu & Vinay Chartered Accountants
Inward Supply-Purchases from
Registered Dealer - Intra state
Dr Local Purchase A/c Dr Input CGST A/c Dr Input SGST A/c Cr Vendor (registered) A/c
1,00,000 9,000 9,000
1,18,000
GSTR 2 Table 3
Registered Dealer - Intra state (Not reflected in supplier i.e. GSTR 1 mismatch case)
Dr Local Purchase A/c Dr Input CGST A/c Dr Input SGST A/c Cr Vendor (registered) A/c
10,000 900 900
11,800
GSTR 2 Table 3
Registered Dealer (Inter State)
Interstate Purchase A/c Dr Input IGST A/c Cr Vendor (registered)A/c
15,000 2,700
17,700
GSTR 2 Table 3
Inward Supply attracting Reverse charge mechanism:
1) Notification No.8/2017-Central Tax (Rate) – Exemption from payment of tax under reverse charge on inward supplies from dealer who is/are unregistered dealers
–> Limit = Amount < 5,000/ day = Exempted from Tax (within state only) 2) Notification 4/2017-Central Tax (Rate)- List of goods on which Reverse-
charge is applicable 3) Notification 13/2017-Central Tax (Rate) - List of goods on which Reverse-
charge is applicable (For better understanding RCM payable on URD is referred as URD only)
Purchase from Unregistered Dealer (Day 1)
Dr URD Purchase A/c Cr Vendor (unregistered) A/c
20,000
20,000
GSTR 2 Table 4B
Tax payable on Reverse charge from above URD purchase (Day 1)
Dr Input CGST URD A/c Dr Input SGST URD A/c Cr 9% Output CGST URD A/c(Liability) Cr 9% Output SGST URD A/c(Liability)
1,800 1,800
1,800 1,800
GSTR 2
Table 4B
Purchase from unregistered dealer (Day 2)
Dr URD Purchase A/c Cr Vendor (unregistered)A/c (As the amount doesn’t exceed 5,000/day overall thus exempted)
4,500 4,500
GSTR 2
Table 4B
Legal service received on which tax is payable on reverse charge
Legal Expenses A/c Cr Service Provider (registered) A/c
30,000
30,000
GSTR 2 Table 4A
Tax payable on reverse Charge
Dr Input CGST RCM A/c Dr Input SGST RCM A/c Cr 9% Output CGST RCM A/c(Liability) Cr 9% Output SGST RCM A/c(Liability)
2,700 2,700
2,700 2,700
GSTR 2 Table 4A
Composition Dealer
Dr Purchase Cr Creditors
50,000
50,000
GSTR 2 Table 7A/7B
Expenses & Purchase of Capital Goods
Indirect Expenses Dr Telephone Charges A/c Dr Input CGST A/c Dr Input SGST A/c Cr Bank
5,000 450 450
5,900
GSTR 2 Table 3
5 Venu & Vinay Chartered Accountants
Asset Purchase (Interstate)
Dr Furniture A/c Dr Input IGST A/c Cr ABC furniture’s A/c
40,000 4,800
44,800
GSTR 2 Table 3
Up on GSTR -1
Transfer to Liability Ledger
Dr 9% Output CGST A/c Dr 9% Output SGST A/c Dr 18% Output IGST A/c Cr Liability Ledger CGST A/c Cr Liability Ledger SGST A/c Cr Liability Ledger IGST A/c (CGST = 10,800 + 10,800 = B2B + B2C SGST = 10,800 + 10,800 = B2B + B2C IGST = 18,000+ 36,000 )
21,600 21,600 54,000
21,600 21,600 54,000
GSTR 1 Adjustment entry
To be Auto populated in GSTR 3 Part A
Table 8
Liability of advance receipt
Dr 18% Output IGST (Advance) A/c Cr Liability ledger IGST A/c
1,800 1,800
GSTR 1 Adjustment entry
Auto populated in GSTR 3 Table 8
Liability under RCM on URD
Dr 9% Output CGST URD A/c(Liability) Dr 9% Output SGST URD A/c(Liability) Cr Liability ledger CGST A/c Cr Liability ledger SGST A/c
1,800 1,800
1,800 1,800
GSTR 1 Adjustment entry
Auto populated in GSTR 3
Table 8
Liability payable on RCM
Dr 9% Output CGST RCM A/c(Liability) Dr 9% Output SGST RCM A/c(Liability) Cr Liability ledger CGST A/c Cr Liability ledger SGST A/c
2,700 2,700
2,700 2,700
GSTR 1
Adjustment entry
Auto populated in GSTR 3 Table 8
Up on GSTR -2
Transfer to Credit Ledger
Dr ITC CGST Ledger A/c Dr ITC SGST Ledger A/c Dr ITC IGST Ledger A/c Cr Input CGST A/c Cr Input SGST A/c Cr Input IGST A/c ( CGST = 9,000 + 450 SGST = 9,000 + 450 IGST = 2,700 + 4800)
9,450 9,450 7,500
9,450 9,450 7,500
GSTR 2
Adjustment entry
Credit on URD purchases on which tax is to be paid on reverse charge
Dr ITC CGST Ledger A/c Dr ITC SGST Ledger A/c Cr Input CGST URD A/c Cr Input SGST URD A/c
1,800 1,800
1,800 1,800
GSTR 2 Adjustment entry
Transfer to Credit on RCM purchases
Dr ITC CGST Ledger A/c Dr ITC SGST Ledger A/c Cr Input CGST RCM A/c Cr Input SGST RCM A/c
2,700 2,700
2,700 2,700
GSTR 2 Adjustment entry
When ITC reflected in GSTR-2
Provisional ITC CGST A/c Provisional ITC SCGT A/c Cr Input CGST A/c Cr Input SGST A/c
900 900
900 900
GSTR 2 Adjustment entry
6 Venu & Vinay Chartered Accountants
On Payment of Taxes
Transfer to cash ledger under RCM on URD
Dr Electronic Cash CGST Ledger A/c Dr Electronic Cash SGST Ledger A/c Cr Bank
1,800 1,800
3,600
GSTR 3 Part B
Table 12
Transfer to cash ledger under RCM
Dr Electronic Cash CGST Ledger A/c Dr Electronic Cash SGST Ledger A/c Cr Bank
2,700 2,700
5,400
GSTR 3 Part B
Table 12
Transfer to Cash Ledger
Cash Payment Dr Electronic Cash CGST Ledger A/c Dr Electronic Cash SGST Ledger A/c Dr Electronic Cash IGST Ledger A/c Cr Bank (CGST= 26,100 – 9,450 -900 SGST = 26,100-9,450 -900 IGST = 55,800 – 7500)
6,750 6,750
48,300
61,800
GSTR 3 Part B
Table 12
TDS / TCS Dr Electronic Cash Ledger Cr Govt / eCom Operator
-
-
Up on GSTR -3
Transfer of Liability under RCM (URD)
Dr Liability ledger CGST A/c Dr Liability ledger SGST A/c Cr Electronic Cash CGST Ledger A/c Cr Electronic Cash SGST Ledger A/c
1,800 1,800
1,800 1,800
Adjustment entry
Transfer of Liability under RCM
Dr Liability ledger CGST A/c Dr Liability ledger SGST A/c Cr Electronic Cash CGST Ledger A/c Cr Electronic Cash SGST Ledger A/c
2,700 2,700
2,700 2,700
Adjustment entry
Transfer to Credit Ledger
Dr Liability Ledger CGST A/c Dr Liability Ledger SGST A/c Dr Liability Ledger IGST A/c Cr ITC CGST Ledger A/c Cr ITC SGST Ledger A/c Cr ITC IGST Ledger A/c Cr Provisional ITC CGST A/c Cr Provisional ITC SGST A/c Cr Electronic Cash CGST Ledger A/c Cr Electronic Cash SGST Ledger A/c Cr Electronic Cash IGST Ledger A/C { CGST Liability = 21,600 SGST Liability = 21,600 IGST Liability = 54,000+1,800 = 55,800 } {ITC CGST =9,450 + 1,800 + 2,700 = 13,950 ITC CGST =9,450 + 1,800 + 2,700 = 13,950 ITC CGST = 7,500}
21,600 21,600 55,800
13,950 13,950
7,500 900 900
6,750 6,750
48,300
Adjustment entry
7 Venu & Vinay Chartered Accountants
Recording a journal voucher in tally
Create RCM Purchase Ledger To create a ledger for purchase of services under reverse charge
1. Go to Gateway of Tally > Accounts Info. > Ledgers > Create. 2. Under - Purchase Accounts.
3. Is GST Applicable? - Applicable. 4. Set/alter GST details? - Yes.
• Nature of transaction - Purchase Taxable.
• Taxability - Taxable.
• Is reverse charge applicable? - Yes. Press F12: Configure and set Enable reverse charge calculation? to Yes.
• Set the rate details.
8 Venu & Vinay Chartered Accountants
Accounting for RCM Transaction
To record a purchase entry
1. Go to Gateway of Tally > Accounting Vouchers > Accounting Vouchers > F9: Purchase.
2. Enter the details as required.
Link the bill reference of the payment voucher (by selecting Agst Ref in the Bill-wise Details screen) to
the purchase invoice, if you have made an advance payment.
3. Press Ctrl+A to save.
9 Venu & Vinay Chartered Accountants
Increase Tax Liability
To record a journal voucher to raise only the liability
1. Go to Gateway of Tally > Accounting Vouchers > F7: Journal.
2. Click J: Stat Adjustment.
3. Select the options as shown below.
4. Click F2: Date and change the voucher date as required. 5. Debit the expense ledger or ledger grouped under Current Assets and credit the GST ledgers.
6. Press Enter to save.
10 Venu & Vinay Chartered Accountants
Increase Liability and Credit Jointly
To record a journal voucher to raise liability and claim tax credit
1. Go to Gateway of Tally > Accounting Vouchers > F7: Journal.
2. Click J: Stat Adjustment.
3. Select the options as shown below.
4. Click F2: Date and change the voucher date as required.
5. Debit and credit the GST ledgers with the same values.
6. Press Enter to save.
11 Venu & Vinay Chartered Accountants
Payment of Taxes
To record a tax payment voucher
1. Go to Gateway of Tally > Accounting Vouchers > F5: Payment.
2. Click S: Stat Payment and enter the required details.
Payment Type: Set the type of payment as Regular
3. Account: Select the bank from which the payment will be made.
4. Select the central and state tax ledgers.
5. Provide GST details: Enable this option to enter the bank details.
12 Venu & Vinay Chartered Accountants
If the bank details are not available, you can enter them later in the Challan Reconciliation report.
6. In the Bank Allocations screen, select the ledgers, enter the amount and provide the payment
details.
7. Press Enter to save.
RCM Payment Voucher
When you make an advance payment for a taxable service under reverse charge, due to be received on
a future date, you can record an advance payment voucher.
To record an advance payment
1. Go to Gateway of Tally > Accounting Vouchers > F5: Payment.
2. Click V: Reverse Chrg. Adv. to mark the voucher for advance payment. The values entered in
this voucher are captured in GSTR-2 report.
Note: Payment vouchers recorded without clicking V: Reverse Charge. Adv. will not have GST
implications, and will form part of the Summary of Excluded Vouchers.
3. In Account, select the bank from which the payment will be made.
4. Select the party ledger, and enter the details in the Advance Payment Details screen.
Note: To categorise and display the ledgers attracting reverse charge in the Advance Payment
Details screen, set the option Enable reverse charge calculation? to Yes in the
Configuration screen of GST Details screen (displayed on enabling the option Set/alter
GST details? in the stock item or ledger master).
The tax type appears as integrated tax or central tax and state tax, based on the state selected for
the party ledger.
5. Press Ctrl+A to save the Advance Payment Details screen.
6. Select the type of reference as Advance and enter the reference details in the Bill-wise Details
screen.
7. Enter the details in the Bank Allocations screen.
Press Enter to save.
13 Venu & Vinay Chartered Accountants
Recording a journal voucher to raise liability for reverse charge
When an advance payment is made for a service under reverse charge, the liability gets captured in
the GSTR-2 report.
When you purchase classified as reverse charge, you have to raise the tax liability in your books
and then pay it to the department. You can record a journal voucher to raise this liability under
reverse charge.
To view the reverse charge amount in GSTR-2
● Go to Gateway of Tally > Display > Statutory Reports > GST > GSTR-2.
To record a journal voucher from GSTR-2
1. Click J: Stat Adjustment in GSTR-2 report.
2. Select the options as shown below.
3. Click F2: Date and change the voucher date as required. You can record a journal voucher to raise
the liability for each advance payment, or at the end of the month, record a voucher to raise
liability for all the advance payments made, against a particular party.
14 Venu & Vinay Chartered Accountants
4. Debit the expense ledger or ledger grouped under Current Assets and credit the GST ledgers.
5. Press Enter to save.
15 Venu & Vinay Chartered Accountants
Reverse RCM Liability & Take Credit When you have made the advance payment in previous and created the purchase invoice in the period
current period, you can view the transaction details in a report GSTR 2
You can claim the tax paid on purchase of services under reverse charge as tax credit by recording a
journal voucher, and can view the tax credit claimed in GSTR-2.
To view the tax liability under reverse charge in GSTR-2
1. Go to Gateway of Tally > Display > Statutory Reports > GST > GSTR-2. The
purchase invoice values with the tax liability details.
2. Click V: Default View and F1: Detailed to view the purchase invoice recorded in the current
period adjusted against the advance payment of the previous period.
16 Venu & Vinay Chartered Accountants
Claim tax credit when the advance amount paid matches with the purchase value
To claim tax credit on the purchase of services under reverse charge
1. Go to Gateway of Tally > Accounting Vouchers > F7: Journal.
2. Click J: Stat Adjustment.
3. Select the options as shown below.
4. Debit the GST ledgers and enter the amount claimed as credit on purchase invoices recorded
for services under reverse charge.
5. Credit the expense ledger or ledger grouped under Current Assets.
Claim tax credit on the purchase of services under reverse charge when the
purchase value exceeds the advance amount paid
Example: Consider the transactions recorded in the following sequence.
● On 5th July, an advance payment of 1,00,000 is made for purchase of service under
reverse charge.
● To account for the GST liability, a journal voucher is recorded by crediting the GST ledgers,
and debiting the tax on advance (Current Liabilities) ledger for 18,000.
● On 2nd August, a purchase invoice is recorded for 2,90,000 (attracting GST of 52,200) by
adjusting the advance amount of 1,00,000. The tax liability on the balance amount of
1,90,000 (purchase value 2,90,000 - advance amount 1,00,000) is 34,200.
17 Venu & Vinay Chartered Accountants
● Now to raise the tax liability of 34,200 and claim tax credit for 52,200 record a journal
voucher.
To record a journal voucher to raise a liability and account for tax credit in the same voucher
1. Go to Gateway of Tally > Accounting Vouchers > F7: Journal.
2. Click J: Stat Adjustment.
3. Select the options as shown below.
4. Debit the GST ledgers and enter the total tax credit available on the purchase invoice.
5. Credit the GST ledgers and enter the amount of tax liability to be raised on the purchase
value after deducting the advance payment.
6. Credit the expense ledgers or ledger grouped under Current Assets.
18 Venu & Vinay Chartered Accountants
To view the tax credit claimed on reverse charge liability in GSTR-2
1. Go to Gateway of Tally > Display > Statutory Reports > GST > GSTR-2. 2. Click V: Default View and F1: Detailed to view the journal voucher recorded to reverse the tax
liability raised on advance payments.
19 Venu & Vinay Chartered Accountants
Cancellation/Reversal of Payment Voucher
If you cancel a purchase order after advance payment made for a service under reverse charge, you can
reverse the liability on cancellation of purchase.
If the order cancellation is done in the same month, you need to exclude the advance payment
voucher from GSTR-2. Otherwise, reverse the liability on cancellation.
To exclude an advance payment voucher from GSTR-2
1. Go to Gateway of Tally > Display > Statutory Reports > GST > GSTR-2.
2. Select Included in returns and press Enter.
3. Select Advance Payment and press Enter.
4. Select the receipt voucher and click X: Exclude Vouchers.
5. Click Yes for the message Do you want to exclude this voucher?
To reverse the liability on cancellation of purchase
1. Click J: Stat Adjustment in GSTR-2 report or from the Accounting Vouchers > F7: Journal.
2. Select the options as shown below.
3. Debit the GST ledgers and credit the expense ledger or ledger grouped under Current Assets.
20 Venu & Vinay Chartered Accountants
Purchase Returns under reverse charge
Consider a purchase invoice recorded for services as shown below:
The tax liability gets calculated and displayed in the Tax Analysis screen (click A: Tax Analysis in the
above purchase invoice) as shown below:
21 Venu & Vinay Chartered Accountants
Record a journal voucher to raise the liability and claim credit on the tax calculated in the Tax Analysis
screen of the above purchase invoice, as shown below:
When the purchase returns happens, record a debit note to reverse the transaction.
22 Venu & Vinay Chartered Accountants
To record a debit note
● Go to Gateway of Tally > Accounting Vouchers > Ctrl+F9.
The tax liability gets calculated and displayed in the Tax Analysis screen (click A: Tax Analysis in
the above debit note) as shown below:
Record a journal voucher to reverse the liability and tax credit claimed.
To record a journal voucher to reverse the tax liability and input tax credit
1. Click J: Stat Adjustment in GSTR-2 report or from the Accounting Vouchers > F7: Journal.
23 Venu & Vinay Chartered Accountants
2. Select the options as shown below.
3. Debit and credit the GST ledgers with the same tax values as shown below:
24 Venu & Vinay Chartered Accountants
Input Tax Credit Input tax credit – Set-off (Allowed)
Input tax credit – Set-off (Preference hierarchy)
25 Venu & Vinay Chartered Accountants
P&L and GST
a) Every payment/expense (Revenue or Capital) will suffer GST, except few exceptions listed below.
a. Taxes to be paid to Supplier if registered, who then pays to Govt b. Taxes to be paid directly to govt if bought from unregistered Dealer. With a limited
exception given below. b) Payments made above Rs. 5000 per day, are paid with GST.
In other words, if you are dealing with unregistered suppliers and making payments above Rs. 5,000, you have to pay GST under reverse charge mechanism (RCM).
Exceptions to above:
1) Salary and wages 2) Electricity charges 3) Interest 4) Car fuel 5) Government Fees
Inclusions (on which payment is to be made):
i) Rent ii) Commission payments iii) Printing and stationery iv) Repairs and Maintenance v) Office Maintenance vi) Vehicle maintenance vii) Computer maintenance viii) Legal Fees ix) Consultancy Fees x) Professional Fees xi) Audit Fees xii) Labour charges xiii) Freight and transportation expenses xiv) Gift expenses xv) Business promotion expenses xvi) Advertisement etc.
26 Venu & Vinay Chartered Accountants
Return for the Month of July, August & September due
dates Filing of Returns for the month July & August
Month GSTR 3B Simplified returns (Pay tax)
July 20th August
August 20th September
AND
*** END OF THE DOCUMENT ***
Our views expressed herein are based on our general understandings of the Accounting Rules. Sole intention
to educate and ease accountants in GST Complexities. Basis suggestions received from readers we keep
updating the document periodically. No assurance is given that the revenue authorities / courts will concur
with the views expressed herein. Our views are based on the existing provisions of law and its interpretation,
which are subject to change from time to time. We do not assume responsibility to update the views
consequent to such changes. The views are exclusively for educational purpose and any correction you feel
necessary please write to [email protected], [email protected]
Ver 1.0
•You Upload details of outward supply on 10th of subsequent month
GSTR-1
•Your Purchases will be auto populated from 11th
GSTR-2A •You can Add / Modifiy / delete records after verifying Purchase Register and file the return by 15thGSTR-2
•Corrections in Form GSTR-2 by your Customers will be appear
•You can accept / reject by 17th
GSTR-1A •Auto-populated return will be available for submission along with the payment on 20th
GSTR-3
Month GSTR 1 GSTR 2A GSTR 2 GSTR 1A GSRT 3
July 5th September Auto Populated 10th September Auto Populated
-
August 20th September Auto Populated 25th September Auto Populated
-
September 10th October Auto Populated 15th October Auto Populated
20th October