Journal Vouchers in GST
This topic provides a brief description about the nature of adjustments available for GST in TallyPrime.
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Nature of Adjustment |
Additional Details |
Ledgers to be Debited and Credited |
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Decrease of Tax Liability |
Adjustment Against Credit |
Explained in Recording Journal Vouchers for Adjustments Against Tax Credit under GST |
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Cancellation of Advance Payments under Reverse Charge |
Debit – Central and state tax or integrated tax, and cess ledgers. Credit – Expenses or current assets ledger. |
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Cancellation of Advance Receipts |
Debit – Central and state tax or integrated tax, and cess ledgers. Credit – Expenses or current assets ledger. |
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Cancellation of Advance Receipts for Exports/SEZ sales |
Debit – Integrated tax and cess ledgers. Credit – Expenses/current assets ledger. |
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Purchase against Advance Payment |
Debit – Central and state tax or integrated tax, and cess ledgers. Credit – Expenses or current assets ledger. |
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Sales against Advance Receipts |
Debit – Integrated tax and cess ledgers. Credit – Expenses/current assets ledger. |
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Sales against Advance Receipts for Export/SEZ sales |
Debit – Integrated tax and cess ledgers. Credit – Expenses/current assets ledger. |
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Increase of Input Tax Credit |
Import of Capital Goods |
Debit – Central and state tax or integrated tax, and cess ledgers. Credit – Current assets ledger. |
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Import of Goods |
Debit – Central and state tax or integrated tax, and cess ledgers. Credit – Current assets ledger. |
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Import of services |
Debit – Integrated tax and cess ledgers. Credit – Current assets ledger. |
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ISD Transfer |
Debit – Central and state tax or integrated tax, and cess ledgers. Credit – Party ledger. |
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Others |
Debit – Central and state tax or integrated tax, and cess ledgers. Credit – Expenses/current assets ledger. |
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Purchase from SEZ |
Debit – Central and state tax or integrated tax, and cess ledgers. Credit – Expenses/current assets ledger. |
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Purchase from Unregistered dealer |
Debit – Central and state tax or integrated tax, and cess ledgers. Credit – Expenses or current assets ledger. |
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Purchase under reverse charge |
Debit – Central and state tax or integrated tax, and cess ledgers. Credit – Expenses or current assets ledger. |
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Re-claim of reversal ITC (on account of buyer payment) |
Debit – Central and state tax or integrated tax, and cess ledgers. Credit – Expenses or current assets ledger. |
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Re-claim of reversal ITC – Rule 42 (2)(b) |
Debit – Central and state tax or integrated tax, and cess ledgers. Credit – Expenses or current assets ledger. |
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TCS Adjustment |
Debit – Central and state tax or integrated tax, and cess ledgers. Credit – Current assets ledger. |
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TDS Adjustment |
Debit – Central and state tax or integrated tax, and cess ledgers. Credit – Current assets ledger. |
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Transitional Credit |
Explained in Recording a Journal Voucher for Transitional Credit under GST |
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Transfer of ITC (applicable only for Ladakh) |
Debit – SGST ledgers Credit – UT Tax ledgers |
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Increase of Tax Liability |
Advance Receipts for Export/SEZ sales |
Debit – Expenses or current assets ledger. Credit – Integrated tax and cess ledgers. |
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Advances Paid under Reverse Charge |
Debit – Expenses or current assets ledger. Credit – Central and state tax or integrated tax, and cess ledgers. |
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Import of Capital Goods |
Debit – Current assets ledger. Credit – Central and state tax or integrated tax, and cess ledgers. |
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Import of Goods |
Debit – Current assets ledger. Credit – Central and state tax or integrated tax, and cess ledgers. |
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Import of services |
Debit – Current assets ledger. Credit – Integrated tax and cess ledgers. |
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Interest |
Debit – Expenses or party ledger. Credit – Central and state tax or integrated tax, and cess ledgers. |
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Late Fees |
Debit – Expenses or party ledger. Credit – Central and state tax or integrated tax, and cess ledgers. |
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On Account of Advance Receipts |
Debit – Expenses or current assets ledger. Credit – Central and state tax or integrated tax, and cess ledgers. |
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Others |
Debit – Expenses or party ledger. Credit – Central and state tax or integrated tax, and cess ledgers. |
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Penalty |
Debit – Expenses or party ledger. Credit – Central and state tax or integrated tax, and cess ledgers. |
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Purchase from Unregistered dealer |
Debit – Expenses or current assets ledger. Credit – Central and state tax or integrated tax, and cess ledgers. |
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Purchase under reverse charge |
Debit – Expenses/current assets ledger. Credit – Central and state tax or integrated tax, and cess ledgers. |
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Increase of Tax Liability & Input Tax Credit |
Import of Services |
Debit – Central and state tax or integrated tax, and cess ledgers. Credit – Central and state tax or integrated tax, and cess ledgers. |
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Purchase from Unregistered dealer |
Debit – Central and state tax or integrated tax, and cess ledgers. Credit – Central and state tax or integrated tax, and cess ledgers. |
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Purchase under reverse charge |
Debit – Central and state tax or integrated tax, and cess ledgers. Credit – Central and state tax or integrated tax, and cess ledgers. |
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Opening Balance |
— |
Procedure is explained in Transferring Tax Credits of VAT, excise and service tax to GST |
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Refund |
Not Applicable |
Debit – Bank ledger Credit – Central and state tax or integrated tax, and cess ledgers, or current assets ledger |
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Interest |
Debit – Bank ledger Credit – Central and state tax or integrated tax, and cess ledgers, or current assets ledger |
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Late Fees |
Debit – Bank ledger Credit – Central and state tax or integrated tax, and cess ledgers, or current assets ledger |
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Others |
Debit – Bank ledger Credit – Central and state tax or integrated tax, and cess ledgers, or current assets ledger |
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Penalty |
Debit – Bank ledger Credit – Central and state tax or integrated tax, and cess ledgers, or current assets ledger |
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Reversal of Input Tax Credit |
Not Applicable |
Debit – Expenses or party ledger. Credit – Central and state tax or integrated tax, and cess ledgers. |
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Capital credit due to exempted supplies – Rule 43(1) (h) |
Debit – Expenses or current assets ledger. Credit – Central and state tax or integrated tax, and cess ledgers. |
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Exempt and non-business supplies – Rule 42(1)(m) |
Debit – Expenses or current assets ledger. Credit – Central and state tax or integrated tax, and cess ledgers. |
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Import of services |
Debit – Expenses or current assets ledger. Credit – Central and state tax or integrated tax, and cess ledgers. |
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Ineligible credit |
Debit – Expenses or current assets ledger. Credit – Central and state tax or integrated tax, and cess ledgers. |
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ISD credit note – Rule 39(1)(j)(ii) |
Debit – Expenses or current assets ledger. Credit – Central and state tax or integrated tax, and cess ledgers. |
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Non-payment to the Supplier – Rule 37(2) |
Debit – Expenses or current assets ledger. Credit – Central and state tax or integrated tax, and cess ledgers. |
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On account of claiming more – Rule 42 (2)(a) |
Debit – Expenses or current assets ledger. Credit – Central and state tax or integrated tax, and cess ledgers. |
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Others |
Debit – Expenses or current assets ledger. Credit – Central and state tax or integrated tax, and cess ledgers. |
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Purchase from Unregistered dealer |
Debit – Expenses or current assets ledger. Credit – Central and state tax or integrated tax, and cess ledgers. |
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Purchase under reverse charge |
Debit – Expenses or current assets ledger. Credit – Central and state tax or integrated tax, and cess ledgers. |
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Reversal of Tax Liability |
Import of Services |
Debit – Central and state tax or integrated tax, and cess ledgers. Credit – Expenses or current assets ledger. |
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Purchase from Unregistered dealer |
Debit – Central and state tax or integrated tax, and cess ledgers. Credit – Expenses or current assets ledger. |
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Purchase under reverse charge |
Debit – Central and state tax or integrated tax, and cess ledgers. Credit – Expenses or current assets ledger. |