e-way Bill in Tally e-way Bill E-way bill (stands for Electronic Way Bill) is a unique Way Bill number to be generated mandatorily for specific consignment involving the movement of goods in motorized vehicle, for a consignment value exceeding Rs 50000. Even in case of inward supply of goods from unregistered person, E-Way Bill is…
Category: Tally
Goods Delivery and Goods Receipts in Tally
Goods Delivery and Goods Receipts in Tally Goods Delivery Challan Delivery Challan is a document of movement of goods, without Invoice being created. Delivery Out (popularly known as Delivery Note) is created by the supplier of goods, while Delivery In (popularly known as Goods Receipt Note or GSN) is created by receiver of goods. Under…
Ineligible GST Input Tax Credit (ITC) in Tally
Ineligible GST Input Tax Credit (ITC) in Tally Ineligible GST Input Tax Credit Normally GST paid for taxable expenses for business purposes are eligible for Input Credit. However, in some case, even business related expenses are not eligible for Input Credit Some examples of currently ineligble Input Tax credit are, Leave Travel / Home Travel…
GST Reverse Charge Mechanism (RCM) in Tally
GST Reverse Charge Mechanism (RCM) in Tally GST Reverse Charge Mechanism Normally the Seller is liable to collect GST from buyer and deposit with government. Here we discuss instances where Buyer be liable to pay GST to the Government (referred as RCM – Reverse Charge Mechanism) We have already explained Reverse Charge on Purchase from…
GST Liability and Adjustments on Advance Receipts in Tally
GST Liability and Adjustments on Advance Receipts in Tally Advance Receipts from Buyers against Supplies A supplier has to pay tax on receipt of advance for supplies to be made in future, if the turnover of the buyer in previous year is more than 1.5 crores. GST set up for Tax Liability on Advance Receipt…
GST Inward Invoice Reconciliation for Regular Dealer in Tally
GST Inward Invoice Reconciliation for Regular Dealer in Tally GSTR-2A Report GSTR-2A is an auto-populated statement viewed by Recipient, showing all the inward supplies reported by counterpart supplier in their GSTR-1 (and also in GSTR-5, GSTR-7& GSTR-8). The details may be directly viewed in the GST Portal, or GSTR-2A downloaded and viewed in the offline…
GST Regular Dealer Purchase from Composition Dealer in Tally
GST Regular Dealer Purchase from Composition Dealer in Tally When a regular dealer buys form Composition dealer (who do not charge GST and do not give Tax Invoice), there is no GST Accounts or ITC involved in the purchase transaction in the books of GSTv Registered Buyer. GST Set up Supplier Ledger Accounts master in…
GST Regular Dealer Purchase from Unregistered Dealer in Tally
GST Regular Dealer Purchase from Unregistered Dealer in Tally GST Regular Dealer Purchase from Unregistered Dealer When a registered buyer purchases taxable goods / services from unregistered seller (who do not charge Tax in the invoice, as he is unregistered), the registered buyer would pay the Tax under Reverse charge, on such purchase and would…
