Minarva Tripathi: Made by

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Minarva
Tripathi
INDEX
 Introduction
 GST AND Tally.
 Tax under old regime.
 Exception under GST :
 Tax laws before GST. negative list and goods
 History of GST in India. outside purview of GST
 Functions of GST Council.  Comparative Study
 Registration.  Composition Levy.
 Value of Taxable Supply.  Rules for ITC.
 Additions in value of Supply.  GST and E-Commerce.
 Invoices of GST.
 Time of supply.
 Penalties and Returns under
 Rate of tax. GST.
 Merits and demerits.  Conclusion.
1. What is GST?
2. Tax under old regime
Before Goods and Service Tax, the pattern of tax levy was as follows:
5. Tax Laws before
GST
list of indirect taxes in the pre-GST regime:
 Central Excise Duty
 Duties of Excise
 Additional Duties of Excise
 Additional Duties of Customs
 Special Additional Duty of Customs
 Cess
 State VAT
 Central Sales Tax e.t.c.
4. What are the components of
GST?
 There are 3 taxes applicable under this system:
 CGST: Collected by the Central Government on an

intra-state sale.
 SGST: Collected by the State Government on an intra-

state sale.
 IGST: Collected by the Central Government for inter-

state sale
6. GST Council
The GST council is the key decision-making body
that will take all decisions regarding the GST.
The GST Council dictates:
 Tax rate
 Tax exemption
 Due date of forms
 Tax laws
 Tax deadlines,
 Special rates and provisions for some states.
…Registration
Mandatory Registration :
 Supply Exceeds 20 lakhs
 Inter-state
 Casual Taxable Person
 Reverse Charge Person
 ISD
 E Commerce Operator
 Person making taxable supply on behalf of another taxable person .
 Person required to deduct TDS.
VALUE OF TAXABLE SUPPLY
The value of a supply of goods and services or both
shall be transaction value which is the price
actually paid or payable.
 for the said supply where the supplier and

recipient of the supply are not related and
 the price is the sole consideration for the supply

Addition in Value of Supply
vbf
Interest, Late Fees, Penalty.
Amount incurred by
recipient.
Incidental Expenses. (e.g.

Packing,frieght,custom duty)
Timing for Liability of Tax
Earlier of following-
Date of Last date of Date of

issue of issue of payment
Invoice. invoice. received.
Rate of Tax
(Highest Can Go up to 40%)
0% : Zero
Rated for Exempt
export goods
Existing Law Shortcoming
Compliance Cost: High
(many taxes: Excise ,Service tax ,VAT ,CST ,Entry tax, Octroi, SAD, CVD,
Purchase Tax, Entertainment Tax e.t.c)
Tax Evasion
Admin Cost:
(Now straight as well as Reverse High
Charge Mechanism)
Interpretation
Issue Corruption
Complexity
(Software both (Now Online)
Goods and Supply)
Benefit
Input
Credit will
available .:
Presently CST,
Excise & Service
Tax not allowed
against VAT
Benefit for Citizens
Reduction in prices of Uniform prices

goods and services due to throughout the
elimination of cascading. country.
Simpler tax
system.
Increase in
Transparency in
employment
Taxation System.
opportunities.
Benefit for Trade/Industry
Development of More efficient
common national neutralization of taxes
market. especially for exports.
Mitigation of
cascading/double
taxation
Simpler tax regime-

Reduction in multiplicity
of taxes.
fewer rates and
exemptions.
7.GST and Tally ERP 9
 Following steps must be followed to enable and use
GST options in tally:
 To create a company
in tally.
 To enable GST Features.
 To create ledgers.
STEP 1:To create a company in
Tally
Step 1 Step 2 Step 3

• -Go to Gateway of • Enter the basic • -In the ‘maintain
Tally > Alt + F3 > information, i.e., field’, select
Create Company name, mailing Accounts Only or
name and Accounts with
address of the Inventory as per
company etc. the company
requirements.
STEP - 4
• -In the Financial
Year from, the first STEP-5 STEP-6
day of the current
financial year will Enter the Tally Press Y or Enter
be displayed by Vault Password to accept and
default, which can
be changed as per if required save.
requirement.
Company created in GST
Step 2:To enable GST features
Step 1 : -Go to Gateway of Tally > F11: Features > F3 :
Statutory & Taxation.
Step 2 : -In the screen you will find following

options :
Enable goods and service tax (GST) : Yes
Set/alter GST Details : Yes.
Set GST details of the company.
Step 3 : -Press Y or Enter to accept and save

GST Enabled in Tally
Step 3:To create ledgers
• : -Go to Gateway of Tally
> Accounts Info >
STEP-1 Ledgers > Create.
• -Create ledgers such as

Purchase, Sales, State
STEP-2 GST , Integrated GST,
Stock item names etc.
 • -Select the appropriate
group to which such
STEP-3 ledger belongs.
• -Enter the other related

information required and
STEP-4 press Y or Enter to accept
and save.
Customer ledger created
LEDGERS
CREATED
PURCHASE
LEDGER
AND
SALES
LEDGER


Exceptions
to GST
•Products
not covered
under GST.
•Negative
list.
Products not covered under GST
Petroleum Products
Diesel Petrol Crude Oil
Aviation
Natural Gas
Fuel
Other Excluded Products
Property Stamp
Alcohol Electricity
Tax Duty
Negative List under GST
 Items which are neither supply of goods nor services.
 Composition levy
 Comparative Study of Composite and
Mixed Supply.
 Rules for Input Tax Credit
COMPOSTION SCHEME
Turnover Limit Rs. 75 lakh (preceding
year)
2% for
Manufacturer
5% for
1% for Traders (Other than Ice
Cream, Tobacco, restaurants
Pan Masala)
Composite & Mixed Supply
Composite supply Mixed supply
 Supply where variety of goods  Supply where goods supplied
offered can be bundled together cannot be
together naturally. naturally bundled with
each other.
 Rate of Tax: rate of tax of
Principal Supply.  Rate of Tax: highest rate tax
item in Mix supply.
 Example: Supply of Goods,
Packing, Transport,  Example: Haldiram Diwali
Insurance Gift Pack
Rules for Input Credit
Credit Available Capital Input Credit is

for most of the proportionately
Goods Credit available for
Purchases in
is available Taxable and Zero
the course of
Business (A in one go. rated goods
only.(Means for
major Gift from exempted goods
the Present it is not allowed)
regime)
No Input Supplier has If Goods are
Credit after Actually paid received in
Annual tax charged lots : Input
return is in respect of credit can be
filed. Supply and claimed
furnished upon receipt
Return. of the last
lot .
Applications of GST IN Modern
World
GST And E- Commerce
• supply of Goods or
Services.
E-Commerce
• over digital or electronic
network.
• means any person who

owns, operate or manages.
E-Commerce
Operator • digital or electronic facility or
platform for electronic
commerce.
 Mandatory Registration. (No
Concept of thresh-hold Limit)
Supply
through E-  Concept of Matching of Supply
of
Commerce E-Commerce Operator and
Supplier.
 Pay and Furnish statement by

10th of every month.
Tax Invoices
•Basic
Concepts.
•Types of
Invoices and
Vouchers.
Voucher made in Tally for a registered

supplier.
Concept of Tax Invoice
Only a Registered Person Can Issue Tax
Invoice (else Penalty Rs. 10,000 per
Invoice.)
Tax invoice
to be issued Removal of goods Delivery or
for supply to making available
before or at recipient. to recipient.
time of :-
Invoices and Vouchers
“Bill of Supply” Other than Tax Invoice.
 “Receipt Voucher” For Advance Payment.
 “Refund Voucher” For returning goods.
 “Invoice for Purchase” from Unregistered Person.
 “Payment Voucher” for Purchase from Unregistered

Person.
“E-Way Bill” generated during transportation.
RETURNS AND PENALTIES
Returns Filed under GST
 For a Regular Registered Dealer (FOR EACH
MONTH).
GSTR1 :
10th
GSTR2 :
15th
GSTR3 :
20th
Returns Filed By Other Persons
GSTR9 : 31st Dec (Registered Taxable
Person)
GSTR8 : 10th
(E-Commerce GSTR4 : 18th
(For Composite
Operator) Dealer)
GSTR5 : 20th
GSTR7 : 10th GSTR6 : 13th
(For Non
(TDS Return) (For ISD)
Resident)
Penalty
GST return non filing

• Rs. 100 per day (Max Rs. 5000)
Annual Return non filing

• 0.25% of Annual Turnover
.......PENALTY
CONCLUSION
 GST with end to end IT enabled tax
mechanism, is likely to bring buoyancy
to government revenue.
 It is expected that malicious activity of

theft will go away under GST Regime in
order to benefit both government and
the customers.

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 CGST: Collected by the Central Government on an

 SGST: Collected by the State Government on an intra-

 IGST: Collected by the Central Government for inter-

 for the said supply where the supplier and

 the price is the sole consideration for the supply

Interest, Late Fees, Penalty.

Incidental Expenses. (e.g.

Date of Last date of Date of

Reduction in prices of Uniform prices

Simpler tax regime-

Step 1 Step 2 Step 3

Step 2 : -In the screen you will find following

Step 3 : -Press Y or Enter to accept and save

• -Create ledgers such as

• -Enter the other related

Diesel Petrol Crude Oil

Credit Available Capital Input Credit is

• means any person who

 Pay and Furnish statement by

Voucher made in Tally for a registered

 “Receipt Voucher” For Advance Payment.

 “Refund Voucher” For returning goods.

 “Invoice for Purchase” from Unregistered Person.

 “Payment Voucher” for Purchase from Unregistered

GST return non filing

Annual Return non filing

 It is expected that malicious activity of

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