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Advance Payment To An Unregistered Dealer Against Future Purchase In GST In Tally.ERP9
 

When you make an advance payment to an unregistered dealer for goods due to be received on a future date, you can record the following...

1.       Record An Advance Payment

2.       Raising liability for advance payments

3.       Recording purchase invoice by adjusting it with advance payment

4.       Claiming tax credit

5.       Reversing the tax liability raised on advance payment made to unregistered dealer

1.     Recording Advance Payment

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.

3.    Account: Select the bank to which the payment will be made.

4.    Select the party ledger enabled for bill-wise details.

5.    In the Advance Payment Details screen all stock items/ledgers are displayed when the party is an unregistered dealer.

6.    To select a ledger, click L: Show Ledgers.

     Click F12: Configure and set the option:

o     Allow to provide rate of stock items? to Yes, to enter/alter the slab rate of the stock item.

o     Allow to provide quantity for calculation of cess on quantity? to Yes, to enter the cess rate, and cess rate per unit.

o     Allow modification of tax details? to Yes, to override the GST and cess rates in the voucher.

7.    Select the Stock Item (goods enabled for GST) or Ledger Name (services enabled for GST), and enter the Advance Amount.

The Advance Amount appears as the Taxable Value, and the tax amount is calculated on this. The tax values shown in the Advance Payment Details is the amount on which you need to generate the liability in a journal voucher.

The tax type appears as integrated tax, or central tax and state tax, based on the state selected for the party ledger.

8.    Press Ctrl+A to save the Advance Payment Details screen.

9.    Select the type of reference as Advance and enter the reference details in the Bill-wise Details screen.

10.  Press Ctrl+A to accept.

 

2.     Raising liability for advance payments

You can record a journal voucher to raise the liability

To record a journal voucher to raise 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.    Debit the expense ledger, or ledger grouped under Current Assets and credit the GST ledgers for the tax on advance receipt, as shown below:

5.    Press Enter to save.

The tax liability raised on the advance amount appears in GSTR-3B as shown below:

3.     Recording purchase invoice by adjusting it with advance payment

Record a purchase invoice by adjusting the bill reference as shown below:

 

To record a journal voucher to raise a liability for the full purchase value

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 expense ledger, or ledger grouped under Current Assets.

5.    Credit the GST ledgers and enter the amount of tax liability.

6.    Press Enter to save.

To view the reverse charge liability in GSTR-3B

     Go to Gateway of Tally > Display > Statutory Reports > GST > GSTR-3B.

You can record a journal voucher to claim tax credit on reverse charge liability which has been raised.

4.     Claiming tax credit

To record a journal voucher to claim tax credit

1.    Go to Gateway of Tally > Display > Statutory Reports > GST > GSTR-3B > R: Show URD Purc. You can claim tax credit for the amount shown in this report.

2.    Click J: Stat Adjustment.

3.    Select the options as shown below:

4.    Debit the GST ledgers and enter the amount of tax credit.

5.    Credit the expense ledger, or ledger grouped under Current Assets.

6.    Press Enter to save.

 

5.     Reversing the tax liability raised on advance payment made to unregistered dealer

Record a journal voucher by debiting the GST ledgers and crediting the expenses/current asset ledger as shown below:

 
 
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Record Inward Supply Of Services As Imports under GST
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