SOP 3: GST Accounting
With the help of any open source or free education version accounting software enter the following
transactions in appropriate vouchers by creating a company.
Company Details
- Company Name: M/s Swastik Garment Suppliersy
-
Address: M. G. Road, Industrial Estate, Aurangabad, Maharashtra Pin Code 431001
- State: Maharashtra
- Website: www.swastikgarments.com
- Email: info@swastikgarments.com
- GSTIN: 27KLMNA4321V1Z2
- Books Begin From: 01-04-2017
- On 01/07/2017 Purchased 150 pieces of T-shirts @Rs. 450 per piece with GST 12% from M/s. Jalaram
Textiles, 1/05 Sector B, Gandhi Nagar, Ahmadabad, Gujarat Pin code 382010.
- On 02/07/2017 Sold 100 T-shirts @Rs.600 per piece with GST 12% to M/s Dress Align Garments, Shirdi.
Ahmednagar, Maharashtra – 423107.
Print GST computation Report and Sales Tax Invoice
Solution
Key Notes
- Interstate purchase: IGST applies at 12% (on taxable value).
- Intrastate sale: CGST 6% + SGST 6% (total 12%).
Step I Company Creation
- Gateway of Tally → Company Info (Alt+F3) → Create Company.
- Enter company details (name, address, state Maharashtra, GSTIN) and save.
- Set Financial year and Books Begin From as required during creation.
Step II Enable GST
- Gateway of Tally → Features (F11) → Statutory & Taxation → Enable Goods and Service Tax (GST) = YES.
- Set/Alter GST details = YES → Enter State and GSTIN as provided.
Step III Create Ledgers
Masters → Accounts Info → Ledgers → Single Ledger → Create. Create these ledgers and set statutory
details where relevant:
| Ledger |
Under Group |
Statutory / Tax settings |
| IGST |
Duties and Taxes |
GST; Integrated Tax; 12% |
| SGST |
Duties and Taxes |
GST; State Tax; 6% |
| CGST |
Duties and Taxes |
GST; Central Tax; 6% |
| M/s Jalaram Textiles |
Sundry Creditors |
Enter address and GST details |
| M/s Dress Align Garments |
Sundry Debtors |
Enter address and GST details |
| Purchase T-Shirt A/c |
Purchase Accounts |
GST Applicable: Yes; IGST 12% |
| Sales T-Shirt A/c |
Sales Accounts |
GST Applicable: Yes; CGST+SGST 6%+6% |
Step IV Inventory Setup
- Units of Measure: Create UOM "Pcs" (Pieces).
- Stock Group: Create "Garments".
- Stock Item: Create "T-Shirt" under Garments with unit Pcs.
Step V Voucher Entries
Purchase Voucher (F9) — 01-07-2017
- Gateway of Tally → Accounting Vouchers → Purchase (F9).
- Date 01-07-2017; Party A/c: M/s Jalaram Textiles; Purchase Ledger: Purchase T-Shirt A/c.
- Item: T-Shirt; Qty: 150 Pcs; Rate: 450 each; Tax: IGST 12% (₹8,100) → Final Amount ₹75,600.
Sales Voucher (F8) — 02-07-2017
- Accounting Vouchers → Sales (F8).
- Date 02-07-2017; Party A/c: M/s Dress Align Garments; Sales Ledger: Sales T-Shirt A/c.
- Item: T-Shirt; Qty: 100 Pcs; Rate: 600 each; Tax: SGST 6% + CGST 6% (₹3,600 + ₹3,600 = ₹7,200) →
Final Amount ₹67,200.
Step VI Display and Print Reports
- Print Purchase and Sales vouchers: Gateway of Tally → Display → Day Book → select voucher type and
period → Print.
- GST Reports: Gateway of Tally → Display → Statutory Reports → GST → GST Annual Computation or
relevant GST report.
Voucher Analysis Summary
| Date |
Voucher Type
(Function Key) |
Details |
Debit Amt. |
Credit Amt. |
| 01-07-2017 |
Purchase
F9 |
Purchase T-Shirt
A/c...........Dr
M/s Jalaram
Textiles...........Cr |
75,600
|
75,600 |
| 02-07-2017 |
Sales
F8 |
Cash/Party...........Dr.
Sales T-Shirt A/c; CGST 6% +
SGST 6%...........Cr |
67,200
|
67,200 |
Final Notes
- Ensure statutory tax types and percentages are set correctly in ledger statutory information to
calculate IGST/CGST/SGST automatically.
- Check the period when printing Day Book to include the voucher dates required for printout.