GST Registration is compulsory for online sellers as well. Anyone who is providing a service or selling a product needs to file GST returns online. Depending on whether you are a manufacturer, trader, reseller, or service provider, you must file different forms. The frequency of filing returns under these forms is either monthly, quarterly, or annually. These forms need to be e-filed under the GST return filing process as per the GST Act.
How to Prepare GST Returns in Tally ERP 9
Preparing GST Returns in Tally ERP 9 involves creating a sales bill and purchase bill online. It is used to prepare the final returns for your business.
Steps to file GST Returns in Tally ERP 9
You need to follow the below steps to file GST in Tally ERP 9:
● The first step is to check and rectify GSTR-1, which is automatically created in Tally ERP 9 using your sales and purchase bills information.
● The next step is to export the GSTR-1 return from Tally ERP 9 using the required file format.
● The final step involves uploading the GSTR-1 return on the GST Portal and filing the return post verifying the information.
Steps For Creating a Ledger in Tally ERP 9
The steps to create a Ledger in Tally ERP 9 are listed below:
● Start from the Gateway of Tally and go to Accounts Info. Then proceed to Ledger and select the option Create.
● Enter the Name of your Ledger. E.g., state tax, central tax, etc.
● Select the relevant grouping for your Ledger. E.g., Central tax under duties and taxes group.
● Provide the relevant information for your Ledger and then press Y or Enter to approve and save the entry.
Steps for Creating a GST Invoice Using Tally ERP 9
Creating an Invoice for GST in Tally ERP 9 is done by following these steps:
● Go to Gateway of Tally and select Accounting Vouchers. Under that, select F8 Sales.
● Write relevant details against the Invoice Number according to the invoicing rules
● Go to the Party Account name column and select the party/cash ledger.
● Select the appropriate sales ledger and then the Inventory item to specify the rate and quantity.
● Click on Yes and then press enter to accept the GST Invoice.
Deadline for Filing GST Returns
The Deadline for filing GST Returns depends on the type of return being filed. These deadlines need to be strictly adhered to. Non-compliance will attract a fine. GST Returns need to be filed even if there is no transaction for that period (in which case you can file a Nil return). The late filing also attracts interest at 18% per annum. The interest is calculated on the outstanding tax amount to be paid by the taxpayer.
Benefits of Filing GST in Tally ERP 9
Some of the benefits of filing GST in Tally ERP 9 are listed below:
● Tally ERP 9 has a user-friendly interface and is easy to operate.
● GST with Tally is more efficient and hassle-free compared to other software packages.
● It helps you generate GST invoices in full compliance with the GST Format.
What are the common mistakes while filing GST in Tally?
These are some of the common mistakes that occur while filing GST with Tally:
● Errors in uploading invoice wise data
● Errors while claiming the input tax credit
● Disclosure of tax and its payment under the incorrect GST head
● Reversing things like Input Tax Credit, Blocked Credit, etc.
● Confusing between zero-rated supplies and nil rated supplies
If you still have any confusion, you can talk to us any time.