How to Pass GST payable Provision Entry In Tally

This query is : Resolved

Subramanyam (Querist)
Follow

20 November 2017 Dear Sir / Madam can any body help me... 1)Out put GST ( CGST & SGST ) @ 5% , 28 % ,18% ( When making sales inv Ledger Name in Tally ) 2)In put GST (SGT & CGST) @ 14%,2.5%,6%,9% 3) IGST INPUT @12%,18%,28%,5% Quary 1 )How pass a provision entry in Tally above Transaction 2) We had pad the GST above transactions ..how to make payment entry ( Dr...which Ledger..Cr ..Bank A /c) 3) If i do The provision Entry The above all transactions has to be Nallified (JV)

Asha Kanta Sharma

Asha Kanta Sharma (Expert)
Follow

12 July 2024 Certainly! Based on your queries related to Tally ERP and GST entries, here’s a step-by-step guide to handle these transactions in Tally:

### Query 1: Passing Provision Entry in Tally

To pass provision entries in Tally for different GST rates, you typically create sales and purchase vouchers as per the GST rates applicable:

1. **Sales Vouchers for Output GST**:
- Navigate to **Gateway of Tally > Accounting Vouchers > F8: Sales**.
- Enter the details for sales transactions at different GST rates (e.g., 5%, 18%, 28%).
- Select the appropriate ledger for CGST, SGST, or IGST based on the GST rate.
- Ensure the invoice ledger name reflects the specific GST rate (e.g., Sales @ 5%, Sales @ 18%, Sales @ 28%).

2. **Purchase Vouchers for Input GST**:
- Navigate to **Gateway of Tally > Accounting Vouchers > F9: Purchase**.
- Enter purchase transactions for goods or services acquired at different GST rates (e.g., 14%, 2.5%, 6%, 9%).
- Choose the respective input tax ledger for CGST and SGST based on the GST rate applicable.
- Ensure the purchase ledger name reflects the specific GST rate (e.g., Purchases @ 14%, Purchases @ 2.5%, etc.).

### Query 2: Making Payment Entry for GST

To record GST payments in Tally ERP:

1. **Payment Voucher**:
- Navigate to **Gateway of Tally > Accounting Vouchers > F5: Payment**.
- Debit the GST ledger (Input or Output) based on the GST rate for which payment is being made.
- Credit your Bank Account ledger under "Bank A/c" for the amount being paid.

### Query 3: Nullifying Transactions with Provision Entry

If you need to nullify (reverse) transactions due to a provision entry or correction:

1. **Journal Voucher**:
- Navigate to **Gateway of Tally > Accounting Vouchers > F7: Journal**.
- Enter the necessary details to reverse or adjust the transactions that need to be nullified.
- Debit the ledger where you initially credited.
- Credit the ledger where you initially debited.

### Example Entries:

- **Sales Entry (5% GST)**:
- Debit: Customer A/C
- Credit: Sales @ 5%
- Credit: CGST @ 2.5%
- Credit: SGST @ 2.5%

- **Purchase Entry (14% GST)**:
- Debit: Purchase A/C
- Debit: IGST @ 14%
- Credit: Supplier A/C

- **Payment Entry for GST**:
- Debit: GST Payable Ledger (e.g., IGST @ 14%)
- Credit: Bank A/C

- **Provision Entry (Journal Voucher)**:
- Debit: Provision for GST Ledger
- Credit: GST Payable Ledger

### Tips:

- Always ensure the ledger names and rates are set up correctly in Tally ERP to match your business transactions.
- Use appropriate voucher types (Sales, Purchase, Payment, Journal) for each transaction type.
- Regularly reconcile GST payments and receivables to maintain accurate financial records.

By following these steps and utilizing the correct voucher types in Tally ERP, you can effectively manage your GST transactions and ensure compliance with GST regulations.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now