Tally.ERP 9

Invoicing is a crucial aspect of tax compliance for every business. It is essential to be aware of the rules of invoicing under GST. Let us understand these in detail. Invoicing in the current tax regimes In the current tax regimes, two types of invoices are issued: Tax invoice  – This is issued to registered dealers, and can be used to claim tax credit. Sample formats of the two main types of tax invoice in the current tax regime, the Rule 11 Excise invoice and tax invoice are shown below. Retail or commercial invoice  – This is issued to an unregistered dealer or retail customer, and no tax credit can be claimed on this invoice. Sample format of a retail invoice in the current tax regime is shown below. Invoicing in the GST regime In the GST regime, two types of invoices will be issued: Tax   invoice Bill   of   supply Tax invoice When a registered taxable person supplies taxable goods or services,...

In the GST regime, broadly two types of invoices will be issued – Tax Invoice and  Bill of Supply.  Tax invoice is to be issued by a registered taxable person for the supply of taxable goods or services. The bill of supply is to be issued by a registered taxable person for the supply of exempted goods or services, and for supplies by a composition tax payer. In this blog, considering the latest additions in the GST Law, let us understand the invoices to be issued in specific business cases and the details required to be specified in these invoices. Also Read: Types of invoices under GST in next blog On receipt of advance payment When a registered dealer receives an advance payment for a supply, the dealer should issue a  receipt voucher  for the advance paid by the recipient. A sample receipt voucher is shown below: After a dealer issues a receipt voucher, if the supply does not take place, the dealer can issue a refund voucher to the reci...

Import Party GSTIN The  Import Party GSTIN  add-on helps you update GSTIN details of all parties at once from Microsoft Excel. It is very useful if you have the GSTIN information of all parties outside Tally.ERP 9 and want to import the information to update the party ledgers in Tally.ERP 9. Note:  You need to export existing party information to MS Excel using  Update Party GSTIN , and use this MS Excel file to fill in the GSTINs that you want to import. To install the Import Party GSTIN add-on 1.      Download the  Import Party GSTIN  add-on from the Add-ons section  Click here to Download add ons 2.      In Tally.ERP 9, click  F12: Configure  >  Product & Features  >  F4: Manage Local TDLs . 3.      In the  TDL Configuration  screen, set the option  Load TDL files on startup  to  Yes . 4.      Sp...

To update party GSTIN or UIN 1.      Go to  Gateway of Tally  >  Display  > Statutory Reports  >  GST  >  Update Party GSTIN/UIN . 2.      Select the group and ledger for which you want to update the GSTIN/UIN. 3.      In the  Update Party GSTIN/UIN  screen, enter the GSTIN/UIN number for each party. Click  F5  to toggle between  Show All  and  Show Pending. Show All:  Lists all the parties. Show Pending : Lists the parties with missing details, such as country, state, registration type, or GSTIN/UIN. Once you have updated the GSTIN/UIN for your parties, you can print the GSTIN details in your invoices for filing returns.

Salient Features of The GST Some of the salient features of GST (Goods and Services Tax) are: Registration of The GST: GST Registration threshold is Rs 9 Lakh for NE states + Sikkim, and Rs 19 Lakh for Rest of India. However, the liability to pay tax will be only after crossing the threshold of Rs 10 Lakh for NE states + Sikkim and Rs 20 Lakhs for Rest of India. Approximately 7-8 million businesses are likely to be registered under GST. Small dealers with turnover below Rs 50 Lakh have the option of adopting the Composition scheme and pay flat ~1 to 4% tax on turnover. Dual GST (Goods and Services Tax): In consideration of the federal structure of India, Dual GST has been chosen as the apt model wherein tax would be jointly levied by both Centre and the states on supply of goods and services. The components of Dual GST are: CGST: Central GST SGST: State GST IGST: Integrated GST On intra-state transactions CGST+SGST will be applicable an...