GST Assignment 2

 

Purchase Goods (Interstate), Sale Goods (Interstate), Different Rate- One Invoice, Input Tax

Credit, Payment of Tax, Generate Return, Reconcile Status.

 

Purchase Goods (Interstate)

On 02/07/2025 company purchase 20 Pcs Printer @3,400 plus 18% GST from Mumbai Traders

(GSTIN: 27AAACI1681G1ZP) dealer of Maharashtra state.

Sales Goods(Interstate)

e.g. On 02.07.2025 Company sold   20Pcs Printer@4600 plus 18% GST to Mr. K Sharma

consumer of (GSTIN: 27AAACI1681G1ZP) dealer of Maharashtra state.

Different Rate- One Invoice

Here you can easily handle supply of different rate products.

e.g. On 02.07.2025 Company purchase 20 Pcs Mouse @270/- each plus 12% GST and 20 Pcsof printer @3400/- each plus 18% GST to Ansh Corporation a registered dealer of UP with thebill no AC-102-2025-26.

 

e.g. On 02-07-2019 Company sold 20 pcs mouse @ 350 each and 20 pcs of printer @ 4600

each to RKDK company with the bill no. RC-1103-2017-18.

e.g Goods return (2 Pcs Printer) to Mumbai Trader due to Technical Issue. [Cr. Note No. CN/11.]

e.g 2 Pcs Mouse Return from RKDK Trader with the [Dr. Note No. DN/101]

Input Tax Credit

Purchase =1000+100=1100

Sales =2000+200

Tax paid=200-100=100

One of the fundamental feature of GST is the seamless flow of input credit across the chain

(from the manufacture of goods till it is consumed) and across the country.

When you buy a product/ service from a registered dealer you pay taxes on purchase, while making sales, tax is collected and periodically the same is adjusted with the tax you already paid at the time of purchase and balance liability of tax is to the government. This mechanism is called utilization of input tax credit.

Now we learn how to adjust, pay and reconcile GST:

1. At first check GSTR-1 and find the CGST, SGST and IGST amount

GOTàDisplay More Report àGST Report àGSTR-1

Now you can pass the GST Adjustment entry

		output
input			igst	cgst	sgst
			16200	43308	43308
	igst	11016	5184
	cgst	37944	32760	10548
	sgst	37944			5364	15912

Now Accept the entry. (To feed CPIN you need to generate challan from www.gst.gov.in)

 

Now you go in to bank with challan GST PMT-06 and Cheque for deposit, After Deposit the

amount in Bank, Bank provide you CIN and BRN code then you need to reconcile the GST

payment challan as follow:

GOTàDisplay More Report àGST Report àChallan Reconcile

Now press enter button and give the CIN no and BRN Code & accept the entry,now challan is reconciled.

 

After Passing the payment entry check the Balance sheet- Duty & Tax Amount will be NIL.

 

After payment of Tax you need to file GSTR-1 (Detail of Outward supply) on 10th of next month and GSTR-3B (Monthly Return) on 20th of next month

To Generate GSTR-1 Return

GOTàDisplay More Report àGST ReportàGSTR 1 àPress Alt+E > e-Return

Tally will export the return in Excel spreadsheet and also .json format.

Now Generate GSTR-3B

For json format then same as GSTR-1

For Word File (.doc) Press Alt+P > Return Form> Press I for Preview