Navigating GST for Exports Goods in Tally Prime

Exports

05-07-23 Deepika Pvt Ltd exported the following goods to Ratha Traders Singapore under LUT:

Item	Qty	Rate
MS Printer	4 Nos	6500

SALES LEDGER
Party Name	Ratha Traders
Country	Singapore
Name	Sales Export
Under	Sales Account
HSN/SAC	12345678
Nature of transaction	Export LUT/Bond
Taxability	Exempt
Type of Supply	Goods

Exports Taxable

07-07-23 Deepika Pvt Ltd exported the following taxable goods to Easan Traders, Kenya, and charged integrated tax:

Item	Qty	Rate
MS Printer	3 Nos	7000

TAX LEDGER
Party Name	Easan Traders
Under	Sundry Debtors
Country	Kenya
Name	Integrated Tax
Under	Duties & Taxes
Type of Duty/Tax	As Integrated Tax
Percentage of calculation as	0%

05-07-23 Deepika Pvt Ltd exported the following goods to Ratha Traders, Singapore, under Letter of Undertaking (LUT):

Item	Qty	Rate
MS Printer	4 Nos	6500

Sales Voucher Details:

Access Sales Voucher:
- From the Gateway of Tally, navigate to "Accounting Vouchers" and select "F8: Sales" voucher.
Enter Details:
- Set the voucher date to 05-07-23.
- Optionally, provide a narration to describe the transaction.
Party Details:
- Enter the party name as "Ratha Traders" located in Singapore.
- Ensure the party ledger is set up properly with the correct country details.
Sales Ledger:
- Select the appropriate sales ledger, such as "Export - Sales," under the Sales Account group.
- Specify HSN/SAC details as 12345678.
- Set the taxability type as exempt.
- Choose "Exports - LUT/Bond" as the nature of the transaction.
- Set the GST rate to 0% since exports are exempt from GST.
Item Details:
- Enter the item details, such as "MS Printer."
- Specify the quantity as 4 and the rate as 6500.
Additional Details:
- Enter shipping bill details, such as the bill number and date, in the Additional Details section.
Review and Save:
- Review the sales voucher to ensure accuracy.
- Press Ctrl + A to save the sales voucher.

Reports

Gateway of Taly -> Display More Reports -> GST Reports

Exports Taxable

07-07-23 Deepika Pvt Ltd exported the following taxable goods to Easan Traders, Kenya, and charged integrated tax:

Item	Qty	Rate
MS Printer	3 Nos	7000

Sales Voucher Details:

Access Sales Voucher:
- From the Gateway of Tally, navigate to "Accounting Vouchers" and select "F8: Sales" voucher.
Enter Details:
- Set the voucher date to 07-07-23.
- Optionally, provide a narration to describe the transaction.
Party Details:
- Enter the party name as "Easan Traders" located in Kenya.
- Ensure the party ledger is set up properly with the correct country details.
Sales Ledger:
- Select the appropriate sales ledger, such as "Export - Sales Taxable," under the Sales Account group.
- Specify GST applicability and taxability type as taxable.
- Choose "Exports Taxable" as the nature of the transaction.
- Set the GST rate to 18% since the goods are taxable.
Item Details:
- Enter the item details, such as "MS Printer."
- Specify the quantity as 3 and the rate as 7000.
Integrated Tax (IGST):
- Enter the IGST amount charged on the sale. In this case, it is 3780.
Additional Details:
- Enter shipping bill details, such as the bill number and date, in the Additional Details section.
- Optionally, provide the port code.
Review and Save:
- Review the sales voucher to ensure accuracy.
- Press Ctrl + A to save the sales voucher.

Reports

Gateway of Taly -> Display More Reports -> GST Reports

Imports Goods

07-07-23 Deepika Pvt Ltd imported the following taxable goods from Ramesh Traders, Canada:

Item	Qty	Rate
MS Printer	10 Nos	6200

PURCHASE LEDGER
Party Name	Ramesh Traders
Country	Canada
Name	Purchase Imports
Under	Purchase Account
Nature of transaction	Imports Taxable
Taxability	Taxable
Tax Type	Integrated Tax 18%
Type of Supply	Goods

08-07-23 Made a payment of Rs. 62,000 to Ramesh Traders against the purchase invoice 03 through Indian bank.

08-07-23 Made a payment of Integrated Tax of Rs. 11,160 to the government through Indian bank.

After making a payment of integrated tax, we can raise an input tax credit by recording the journal voucher.

07-07-23 Deepika Pvt Ltd imported the following taxable goods from Ramesh Traders, Canada:

Item	Qty	Rate
MS Printer	10 Nos	6200

Purchase Voucher Details:

Access Purchase Voucher:
- From the Gateway of Tally, navigate to "Accounting Vouchers" and select "F9: Purchase" voucher.
Enter Details:
- Set the voucher date to 07-07-23.
- Optionally, provide a narration to describe the transaction.
Party Details:
- Enter the party name as "Ramesh Traders" located in Canada.
- Ensure the party ledger is set up properly with the correct country details.
Purchase Ledger:
- Select the appropriate purchase ledger, such as "Import Purchase," under the Purchase Account group.
- Set the nature of the transaction as "Imports Taxable."
- Specify taxability as "Taxable."
- Choose the tax type as "Integrated Tax" at 18%.
- Enable Reverse Charge Calculation by selecting "Yes."
Item Details:
- Enter the item details, such as "MS Printer."
- Specify the quantity as 10 and the rate as 6200.
GST Taxable Value Details:
- Override Taxable Value by selecting "Yes."
- Enter the taxable value as 62000.
Review and Save:
- Review the purchase voucher to ensure accuracy.
- Press Ctrl + A to save the purchase voucher.

Increase In Tax Liability:

Access Journal Voucher:
- Press Alt + J to access the journal voucher.
Enter Details:
- Set the voucher date as per the transaction date.
- Optionally, provide a narration to describe the adjustment.
Select Type of Duty/Tax:
- Choose GST as the type of duty/tax for the adjustment.
Nature of Adjustment:
- Specify the nature of the adjustment as "Increase In Tax Liability."
Additional Nature of Adjustment:
- Select "Import of Services" as the additional nature of adjustment.
Debit Entry:
- Debit the ledger account representing the expense incurred for the import of services. In this case, the ledger account could be "Import Purchase Exp" or any other relevant account.
- Enter the amount of 11160 in the debit side.
Credit Entry:
- Credit the Integrated Goods and Services Tax (IGST) ledger account.
- Enter the same amount of 11160 in the credit side.
Review and Save:
- Review the journal voucher to ensure accuracy.
- Press Ctrl + A to save the journal voucher.

08-07-23 Made a payment of Rs. 62,000 to Ramesh Traders against the purchase invoice 03 through Indian bank.

Access Payment Voucher:

Go to the Gateway of Tally:
- Navigate to Accounting Vouchers > Payment Voucher.
Enter Voucher Details:
- Set the voucher date as 08-07-23.
- Optionally, provide a voucher reference number or any necessary narration.
Select Party Ledger:
- In the "Account" field, select "Ramesh Traders" as the party ledger.
Debit Entry:
- Debit the ledger account representing the payment made to Ramesh Traders. This could be the Purchase Ledger or any relevant ledger account.
- Enter the amount of Rs. 62000 in the debit side.
Credit Entry:
- Credit the Indian Bank ledger account.
- Enter the same amount of Rs. 62000 in the credit side.
Enter Purchase Invoice Reference:
- Optionally, in the payment voucher, you can mention the purchase invoice number "03" in the Narration or Remarks field to link the payment to the specific invoice.
Review and Save:
- Review the payment voucher to ensure accuracy.
- Press Ctrl + A to save the payment voucher.

08-07-23 Made a payment of Integrated Tax of Rs. 11,160 to the government through Indian bank.

Access Payment Voucher:

Go to the Gateway of Tally:
- Navigate to Accounting Vouchers > Payment Voucher.
Enter Voucher Details:
- Set the voucher date as 08-Jul-23.
- Optionally, provide a voucher reference number or any necessary narration.
Select Party Ledger:
- Since this is a statutory payment, select "Indian Bank" as the party ledger.
Enter Tax Type and Period:
- In the Type of Transaction field, select "Stat Payment."
- Choose "GST" as the Tax Type.
- Select "Tax (Reverse Charge)" as the Type of Payment.
- Set the period from 1-Jul-23 to 31-Jul-23.
Enter Particulars:
- Enter "IGST" in the Particulars column.
- Enter the amount of IGST in the respective amount column.
Enter Bank Details:
- Choose "NEFT/RTGS" as the Mode of Payment.
- Select "Indian Bank" as the Name of the Bank.
- Enter the Common Portal Identification Number (CPIN) as "1323654789".
- Input the BRN/UTR as "IDBI123456".
- Set the Payment date as 8-Jul-23.
Review and Save:
- Review the payment voucher to ensure accuracy.
- Press Ctrl + A to save the payment voucher.

After making a payment of integrated tax, we can raise an input tax credit by recording the journal voucher.

Access Journal Voucher:

Go to the Gateway of Tally:
- Navigate to Accounting Vouchers > Journal Voucher.
Enter Voucher Details:
- Set the voucher date as the relevant date.
- Optionally, provide a voucher reference number or any necessary narration.
Select Tax Type and Nature of Adjustment:
- Press Alt + J to access the Stat Adjustment.
- In the Type of Duty/Tax field, select "GST."
- Choose "Increase in Input Tax Credit" as the Nature of Adjustment.
- Additionally, select "Import of Goods" as the Additional Nature of Adjustment.
Enter Debit and Credit Entries:
- Debit IGST ledger account with the amount of IGST (11160).
- Credit the Import Purchase Expense ledger account with the same amount (11160).
Review and Save:
- Review the journal voucher to ensure accuracy.
- Press Ctrl + A to save the journal voucher.

Reports

Gateway of Taly -> Display More Reports -> GST Reports

Exempted Goods

08-07-23 Deepika Pvt Ltd purchased the following exempted goods from Indra Traders, Tamil Nadu, with supplier invoice number 004:

Item	Qty	Rate
Stamp	100	250

PARTY NAME
Name	Indra Traders
Set / alter details	Yes
Registration type	Regular
PAN	AABFP2450N
GSTIN/UIN	33AABFP2450N1ZA
PURCHASE LEDGER
Name	Purchase Exempt
GST Applicable	Applicable
Nature of Transaction	Purchase Exempt
Type of Supply	Goods

Stock Item

STAMPS
Name	Stamps
STATUTORY INFORMATION
GST Applicable	Applicable
Set/alter GST details	Yes
TAX RATE DETAILS
Description	Stamps
HSN/SAC	9702000
Calculation Type	On Value
Taxability	Exempt
Type of Supply	Goods

08-07-23 Deepika Pvt Ltd sold the following exempted goods to Tharun Pvt Ltd, a registered dealer in Tamil Nadu:

Item	Qty	Rate
Stamp	50	300

08-07-23 Deepika Pvt Ltd purchased the following exempted goods from Indra Traders, Tamil Nadu, with supplier invoice number 004:

Item	Qty	Rate
Stamp	100	250

Access Purchase Voucher:

Go to the Gateway of Tally:
- Navigate to Accounting Vouchers > F9 (Purchase).
Enter Voucher Details:
- Set the voucher date as 08-07-23.
- Enter the supplier invoice number as "004."
- Optionally, provide additional details such as narration.
Select Supplier Details:
- Select the supplier "Indra Traders" from the list.
- Ensure that the registration type is set to "Regular" and the PAN and GSTIN/UIN are provided.
Choose Purchase Ledger:
- Select the purchase ledger named "Purchase Exempt."
- Ensure that the ledger has "GST Applicable" set to "Applicable" and the "Nature of Transaction" set to "Purchase Exempt."
Enter Item Details:
- Enter the item details:
- Ensure that the stock item "Stamps" is selected.
- Confirm that the GST details are correctly set as follows:
Review and Save:
- Review the voucher to ensure accuracy.
- Press Ctrl + A to save the purchase voucher.

08-07-23 Deepika Pvt Ltd sold the following exempted goods to Tharun Pvt Ltd, a registered dealer in Tamil Nadu:

Item	Qty	Rate
Stamp	50	300

Access Sales Voucher:

Go to the Gateway of Tally:
- Navigate to Accounting Vouchers > F8 (Sales).
Enter Voucher Details:
- Set the voucher date as 08-07-23.
- Optionally, enter any additional details such as the party reference number or narration.
Select Party Details:
- Choose the party "Tharun Pvt Ltd" from the list of ledgers.
- Ensure that Tharun Pvt Ltd is set as a registered dealer in Tamil Nadu.
Choose Sales Ledger:
- Select the sales ledger named "Exempted - Sales."
- This ledger should be configured for exempted sales and have the appropriate GST settings.
Enter Item Details:
- Enter the item details:
- Ensure that the stock item "Stamp" is selected.
Review and Save:
- Review the voucher to ensure accuracy.
- Press Ctrl + A to save the sales voucher.

Reports

Gateway of Taly -> Display More Reports -> GST Reports

SEZ Sales

08-07-23 Deepika Pvt Ltd sold the following to KMB Technologies – Janni Industries area (SEZ), Karnataka:

Item	Qty	Rate
MS Printer	10	65000

PARTY NAME
Party Name	KMB Technologies - Janni Industries
Under	Sundry Debtors
State	Karnataka
Set/alter details	Yes
Registration type	Regular
SALES LEDGER
Name	SEZ Sales
Under	Sales Accounts
GST Applicable	Applicable
Nature of Transaction	Sales to SEZ - Taxable
Type of Supply	Goods

Access Sales Voucher:

Go to the Gateway of Tally:
- Navigate to Accounting Vouchers > F8 (Sales).
Enter Voucher Details:
- Set the voucher date as 08-07-23.
- Optionally, enter any additional details such as the party reference number or narration.
Select Party Details:
- Choose the party "KMB Technologies - Janni Industries" from the list of ledgers.
- Ensure that KMB Technologies is set as a registered dealer in Karnataka.
Choose Sales Ledger:
- Select the sales ledger named "SEZ Sales."
- This ledger should be configured for SEZ Sales and have the appropriate GST settings.
Enter Item Details:
- Enter the item details:
- Ensure that the stock item "MS Printer" is selected.
Review and Save:
- Review the voucher to ensure accuracy.
- Press Ctrl + A to save the sales voucher.