The document discusses Goods and Services Tax (GST) in India and how it will be accounted for in Tally ERP 9 software. It explains that GST will replace existing taxes like VAT and Service Tax with a single tax. There are three types of GST - CGST for intra-state sales, SGST for intra-state sales, and IGST for inter-state sales. Accounting entries in Tally for GST are similar to the current system, with separate ledgers created for CGST, SGST and IGST. A Goods and Services Tax Identification Number (GSTIN) will be assigned to taxpayers based on their PAN and state code.
Creating Sales and Purchase vouchers in Tally is extremely easy and simple. They are often referred to as purchase entry in Tally and sales entry in Tally. Learn how to do it in this video by Attitude Academy Yamuna vihar, Delhi.
TallyPrime is a complete business management software for small and medium business. TallyPrime helps you manage accounting, inventory, banking, taxation, banking, payroll and much more to get rid of complexities, and in turn, focus on business growth.
Tally introduces at the leading GST Suvidha Provider with a powerful GST enabled accounting software. Are you ready for GST? KMPL is the leading certified 5 Star partner of Tally Solutions
Creating Sales and Purchase vouchers in Tally is extremely easy and simple. They are often referred to as purchase entry in Tally and sales entry in Tally. Learn how to do it in this video by Attitude Academy Yamuna vihar, Delhi.
TallyPrime is a complete business management software for small and medium business. TallyPrime helps you manage accounting, inventory, banking, taxation, banking, payroll and much more to get rid of complexities, and in turn, focus on business growth.
Tally introduces at the leading GST Suvidha Provider with a powerful GST enabled accounting software. Are you ready for GST? KMPL is the leading certified 5 Star partner of Tally Solutions
This Power point presentation contents all about management accounting,
- Meaning of Management Accounting
-Scope of Management Accounting,
-Objectives of Management Accounting,
-Tools & Techniques for Management Accounting,
-Advantages of Management Accounting,
-Limitations of Management Accounting,
-Difference Between Management Accounting,Cost Accounting & Financial Accounting.
Department of Computer Application- AIM AND OBJECTIVES of Tally
INTRODUCTION TO TALLY
Tally Solutions Pvt. Ltd.
DIFFERENT TALLY VERSIONS
ADVANTAGES OF TALLY
FEATURES OF TALLY
Accounting without codes
Comprehensive coverage
Outstanding
Interest Calculations
Cost / Profit center
Number of companies
Currency
Budgeting
Security Control
Printing of various documents
Import / Export of data
GATEWAY OF TALLY MENU
CREATION OF COMPANY
SELECT COMPANY
The Financial Year Information
This Power point presentation contents all about management accounting,
- Meaning of Management Accounting
-Scope of Management Accounting,
-Objectives of Management Accounting,
-Tools & Techniques for Management Accounting,
-Advantages of Management Accounting,
-Limitations of Management Accounting,
-Difference Between Management Accounting,Cost Accounting & Financial Accounting.
Department of Computer Application- AIM AND OBJECTIVES of Tally
INTRODUCTION TO TALLY
Tally Solutions Pvt. Ltd.
DIFFERENT TALLY VERSIONS
ADVANTAGES OF TALLY
FEATURES OF TALLY
Accounting without codes
Comprehensive coverage
Outstanding
Interest Calculations
Cost / Profit center
Number of companies
Currency
Budgeting
Security Control
Printing of various documents
Import / Export of data
GATEWAY OF TALLY MENU
CREATION OF COMPANY
SELECT COMPANY
The Financial Year Information
In July 2018, GST will complete its first year as the ‘mother of all taxes’. If you have been living under a rock so far and have not yet realized why GST is such a big deal, allow us the opportunity to enlighten you! In this article you will learn about:
What is GST? And why do we need it?
This presentation is on GST (Goods and Services Tax), it is about the new taxation system implemented in India. I have tried to keep all information about GST India.
As Per My opinion This Is very Useful .
Most of the information Has Been Has Covered in this.
If Some thing left then You can send in comment box Also.
I Will see it and reply you.
Thanks For Your Support
GST stands for Goods and Services Tax, India.
It is a comprehensive tax levied by the government on the supply of goods and services. It is also an indirect tax, replacing other central and state levied indirect taxes. GST has brought the whole India under one tax regime, saving time and resulting in a low tax burden.
Top 20 GST Interview Questions and Answers in 2023 | Academy Tax4wealthAcademy Tax4wealth
Top 20 GST Interview Questions and Answers in 2023. Goods and Service Tax (GST) is a broad, multi-stage, tax applied at every stage where value is added. GST is the only indirect domestic tax for the entire country. Learn more!
For more information, visit us at:-
https://academy.tax4wealth.com/blog/gst-interview-questions-and-answers
Have you had trouble making sense of the hundreds of articles on the Goods and Service Tax? We did too. We realized that we could not make sense of GST because we did not understand the basics. So we studied many documents and met a lot of experts to understand the logic of GST.
We are very happy to share that understanding with you. You can learn about Input Tax credit, what changes with GST, how many taxes are going away and what does it all mean for industry and government. What is more, all this has been communicated using simple examples and easy language.
If you find this presentation useful, please do share it on Email, FaceBook, Twitter and other social media.
Top 20 GST Interview Questions and Answers in 2023 | Academy Tax4wealthAcademy Tax4wealth
Top 20 GST Interview Questions and Answers in 2023. Goods and Service Tax (GST) is a broad, multi-stage, tax applied at every stage where value is added. GST is the only indirect domestic tax for the entire country. Learn more!
For more info, visit us at:-
https://academy.tax4wealth.com/blog/gst-interview-questions-and-answers
Welcome to TechSoup New Member Orientation and Q&A (May 2024).pdfTechSoup
In this webinar you will learn how your organization can access TechSoup's wide variety of product discount and donation programs. From hardware to software, we'll give you a tour of the tools available to help your nonprofit with productivity, collaboration, financial management, donor tracking, security, and more.
The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
For more information, visit-www.vavaclasses.com
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
Introduction to AI for Nonprofits with Tapp NetworkTechSoup
Dive into the world of AI! Experts Jon Hill and Tareq Monaur will guide you through AI's role in enhancing nonprofit websites and basic marketing strategies, making it easy to understand and apply.
Biological screening of herbal drugs: Introduction and Need for
Phyto-Pharmacological Screening, New Strategies for evaluating
Natural Products, In vitro evaluation techniques for Antioxidants, Antimicrobial and Anticancer drugs. In vivo evaluation techniques
for Anti-inflammatory, Antiulcer, Anticancer, Wound healing, Antidiabetic, Hepatoprotective, Cardio protective, Diuretics and
Antifertility, Toxicity studies as per OECD guidelines
Model Attribute Check Company Auto PropertyCeline George
In Odoo, the multi-company feature allows you to manage multiple companies within a single Odoo database instance. Each company can have its own configurations while still sharing common resources such as products, customers, and suppliers.
Macroeconomics- Movie Location
This will be used as part of your Personal Professional Portfolio once graded.
Objective:
Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.
Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
2. WHAT IS GST – GOODS AND SERVICES TAX
GST is an acronym for Goods and Services
Tax.
It will replace VAT, CST and Service Tax and
instead there is only one tax in GST.
For example, currently if I sell a product in
Gujarat, I will have to pay VAT (Value Added
Tax) and if I sell it out of Gujarat, then I will
have to pay CST (Central Sales Tax) because I
live in Gujarat.
GST
3. But in the GST , you have to pay GST and no
different taxes like VAT and CST and many
more.
The main advantage of GST is a single taxation
system.
Currently every state has different VAT and
CST acts and rules and people are often
confused about the taxation system.
Therefore, in GST , remove all the confusion
about different kinds of taxes, because there is
only GST.
GST
4. THERE ARE CURRENTLY THREE TYPES OF GST:
CGST – Central GST – Applies to sales within
the state – goes to Central Government
SGST – State GST – Applies to sales within the
state – goes to State Government
IGST – Integrated GST – Applies to sales
outside the state – goes to Central Government
GST
5. For example, if you sell something within the
state, 50% of the GST will be CGST and 50%
of the GST will be SGST.
But when you sell something outside a state,
100% of it will be IGST which will go to the
Central Government.
Now that you have a basic understanding of how
GST works, we can go ahead to understand the
working of GST in Tally along with its accounting
and calculation.
Before you can understand accounting of GST in
Tally, you need to understand the calculation of
GST in Tally. GST
6. CALCULATION OF GST IN TALLY
But before you go away, let me tell you one
important thing.
Here I am trying to explain you that how GST
will work in Tally because the functionality of
GST in Tally is almost same as VAT or CST or
Service Tax.
And therefore, even with the current
functionality you can do accounting entries
of GST in Tally.
So, let us get started about the calculation of GST
in Tally.
GST
7. LET’S TAKE AN EXAMPLE.
Aditya sells Google Pixel to Amit for Rs. 57,000 in
Gujarat.
Aditya has to collect GST and say it is 18%. Then
GST will come at Rs.10,260.
As you have read above, if you sell within the state
there are two types of GST which will be attracted.
They are CGST and SGST.
In this example, it would be half each. That means
9% CGST and 9% SGST.
It will be Rs. 5,130 CGST and Rs. 5,130 SGST.
How the governments will deal with this is none of
our business. We just have to be sure about how much
taxes we have to pay.
Yes, GST is that simple.
GST
8. Don’t worry!
I have explained this same example down in the post
in Tally. But I want you first understand the
calculation so it will be very easy for you to learn it in
Tally.
It is similar to current calculation of Service Tax, VAT
and CST. We put the amount of the product and then
calculate taxes on it.
For example, if I currently provide a service of Rs.
10,000 then service tax would be 15% which
comes to Rs. 1500.
The point I am trying to put here is that GST has no
doubt made the calculation of taxation and the whole
system of taxation easy, but it is still calculated in
the same old way.
GST
9. And therefore, we can prepare ourselves by
understanding it and knowing the calculations
even before GST gets implemented.
Coming back to the example, even if Aditya had
sold the product to Amit from Gujarat to
Maharashtra and not in Gujarat, the GST
calculation will be the same.
The rate may change or the return filing may get
changed but the calculation will be the same.
And this time, it will be 100% IGST.
This is how you can calculate GST in Tally or on
your calculator.
GST
10. ACCOUNTING OF GST IN TALLY
Well, if you know basic accounting entries in
Tally, it will be very much easy for you to
understand the accounting of GST in Tally.
As I have said before in this post that the
calculation part of the GST will remain same as
previous taxes which it will replace and
therefore accounting will also be almost
similar.
So, let us take the above example and try to
understand the accounting of GST in Tally.
GST
11. In the above example, Aditya sold Google Pixel to
Amit for Rs. 57,000.
The accounting entry for the Aditya in his books will
be as under. Aditya is the seller here.
Cash or Amit’s A/c Dr 57,000
To Sales A/c 57,000
This was a simple entry without GST. Now with GST
of Rs. 10,260 at the rate of 18% the entry will be as
follows.
Cash A/c Dr 67,260
To Sales A/c 57,000
To CGST A/c 5,130
To SGST A/c 5,130
The above was a simple calculation of GST.
GST
12. The ledger of CGST and SGST can be created under
Duties and Taxes same as we create ledgers for all the
current taxes.
Here is how you can create the GST – Goods and
Services ledgers in Tally.
From Gateway of Tally, go to Accounts Info.
Then select Ledgers.
Now select Create under Single Ledger.
Now Type CGST and select Duties and Ledgers from List
of Groups.
In Type of Duties/Taxes, select others.
Select 9% in Percentage of Calculation.
Select Method of Calculation On Total Sales.
Select Normal Rounding in the Rounding Method.
And, lastly select the Rounding Limit to 0. GST
13.
14.
15.
16. CGST and SGST entry in Tally
From the above picture you can easily see that we
have sold Google Pixel to Amit for Rs. 57,000 and
GST of Rs. 10,260 which is divided in two different
parts namely CGST and SGST.
It is a simple sales entry but with GST.
Now if we assume we sold the Google Pixel to Amit
who is from a different state which is Maharashtra,
the accounting entry in Tally for the same will be
almost similar to above.
The only change it will have is of IGST –
Integrated Goods and Services Tax because of
interstate transaction.
GST
17.
18. IGST entry in Tally
It is exactly the same except for IGST.
The amounts that I have entered in CGST, SGST and
IGST will appear in the Balance Sheet on the Liabilities
side because we have to pay that to the Government.
And therefore, it is our liability. It amuses me because
the accounting is same as current taxation system.
So currently if you create a ledger as I have told above
and pass the entry, you can do the accounting of
GST in Tally.
Isn’t it amazing that without any kind of add-on and
before even the commencement of GST in India, you can
do the accounting of GST in Tally.
This is because whatever you require for the accounting
of GST in Tally is already present in Tally except for one
thing. GST
19. WHAT IS GSTIN?
So far, for any dealer registered under state VAT
law, a unique TIN number is issued by the
respective state tax authorities. Similarly, a
service provider is assigned a service tax
registration number by the Central Board of
Excise and Custom (CBEC).
All of these businesses will be assigned a unique
Goods and Services Tax Identification Number
(GSTIN)
GST
20. PROPOSED GST IDENTIFICATION NUMBER
(GSTIN)
Here’s a complete break-up of the proposed GST
Identification Number. Each taxpayer will be
allotted a state-wise PAN-based 15-digit Goods
and Services Taxpayer Identification Number
(GSTIN).
The first two digits of this number will represent
the state code as per Indian Census 2011
The next ten digits will be the PAN number of
the taxpayer
The thirteenth digit will be assigned based on the
number of registration within a state
The fourteenth digit will be Z by default
The last digit will be for check code
21. A format of proposed GSTIN has been shown in
the image below.
GST