Import of Goods under GST in Tally ERP9

You can record the import of goods by using the purchase voucher in Tally.

 

GST is applicable depends on the type of import.

 

Taxable Import: Integrated tax is applicable. You have to select Imports Taxable as a nature of transaction.

 

Exempt Import: No tax is applicable. You have to select Imports Exempt as a nature of transaction.

 

Nil Rated Import: No tax is applicable. You have to select Imports Nil Rated as a nature of transaction.

 

 

Ledger Creation

 

Path: Gateway of Tally -> Accounting Info -> Ledgers-> Create

 

 

 

How to record taxable imports under GST in Tally

 

Path: Gateway of Tally -> Accounting Vouchers -> F9 Purchases

 

Example:  ABC Company imports 10 Dell computers from Peter & Co, situated at Singapore each@52000.

 

 

Supplier invoice no: ABC/256

 

Date: 02.08.2017

 

Party a/c name: Peter & Co

 

Purchase ledger: Import Purchases Taxable

 

Name of Item: Dell Computers

 

Select quantity and rate of each

 

Press enter to save the screen

 

 

 

You can see the impact in GSTR-2 report. Keep the cursor on import of goods-5 and press the enter.

 

 

 

 

To include customs duty in the taxable value

 

Go to the purchase invoice recorded earlier

 

Select purchase ledger

 

Select the stock item, enter quantity and rate

 

Add customs duty value to the original taxable value in tax classification details screen.

 

Custom duty will be calculated according to the rate specified by the government.

 

 

 

 

See the impact in GSTR-2 report

 

 

 

Create customs duty ledger

 

Path: Gateway of Tally -> Accounts info -> Ledgers -> Create

 

Name: Custom Duty

 

Under: Purchases

 

Inventory values are affected: Yes

 

Method of appropriation in purchase invoice: Appropriate by value

 

Is GST applicable: Not applicable

 

Press enter to save the screen

 

 

Recording of custom duty payment and integrated tax

 

Path: Gateway of Tally -> Accounting Vouchers -> F5 Payment

 

 

Press enter to save the screen

 

 

In the inventory allocation screen select name of item and enter amount only.

 

 

 

Record journal voucher to increase the tax liability

 

Path: Gateway of Tally -> Accounting vouchers -> F7 Journal

 

Click on Stat Adjustment

 

 

 

 

Debit the tax on imports (Created under current assets) and credit the integrated tax ledger.

 

Press enter to save the screen

 

 

Record a journal voucher to increase of input tax credit

 

Path: Gateway of Tally -> Accounting Vouchers -> F7 Journal

 

Click on Stat Adjustment

 

 

 

Debit the integrated tax and credit the tax on imports ledger.

 

Press enter to save the screen

 

 

Check the transactions in GSTR-3B Report

 

Path: Gateway of Tally -> Display -> Statutory Reports -> GSTR-3B

 

 

 

 

 

Related Topics

 

GST Import of Services under Reverse Charge in Tally ERP9

 

Recording of GST Purchases from Unregistered Dealer in Tally ERP9

 

GSTR-1 Report in Tally ERP9