Tally Essential Level 3

Chapter 1: Goods and Services Tax

Introduction to GST

Why GST?

GST Tax Structure

Determination of Tax

GST Registration

Managing HSN CODE/ SAC

GST Rate Structure

Supply of Goods and Services

Invoicing

Debit Note, Credit Note/Supplementary Invoice

Input Tax Credit

E-Way Bill

Components of E-Way bill

Who must Generate E-Way Bill

Validity of E-Way bill

E-Way bill Process Flow

GST e-Invoicing

Benefits of e-invoice to the business

Data of implementing GST e-invoicing

Entities exempted for e-invoices

Generating E-Way bill with e-invoice

Modification of e-invoice

Role of e-invoice in GST Returns

Various modes of generating e-invoice

Role of IRP in e-invoice

The practice of Generating GST e-invoice

E-invoice Details

Invoice Reference Number (IRN)

GST in TallyPrime

Creation of Company and Activating GST

Introducing Capital into the Business

Creation of Masters in TallyPrime

Hierarchy of Calculating Tax in Transactions

Defining GST Rates at Company Level

Defining GST Rates at Stock Group Level

Defining GST Rates at Stock Item Level

Defining GST Rates at Accounting Group Level

Defining GST Rates at Ledger Level

Defining GST Rates at Transaction Level

Recording GST compliant transactions

Accounting Intrastate Supply of Goods & Service

Accounting Interstate Supply of Goods & Service

Accounting Purchase and Sale Returns of Goods with GST

Supplies Inclusive of Tax

E-Way Bill Report in Tally

Export for e-Way Bill Report

Exporting Bulk or Consolidated e-Way Bill invoices

Update e-Way Bill Information

Input Tax Credit Set Off against Liability

GST Tax Payment

Timeline for payment of GST tax

Modes of Payment

Challan Reconciliation

Generating GST Returns for Regular Dealer in Tally

GSTR-1

GSTR-3B

GSTR-9 –GST Annual Computation

Filing GST Returns in Tally

Filing GSTR -1 Returns

Filing GSTR -3B Returns

Filing GSTR -9 Returns – GST Annual Computation

Generating e-Invoice in TallyPrime

Recording Outward Supply and Generating e-Invoice without e-Way Bill

Recording Outward Supply and Generating e-Invoice with e-Way Bill

E-Invoice Report

Quarterly Return Monthly Payment Scheme

Creation of Company and Activating GST in TallyPrime

Accounting Intrastate Supply of Goods & Services

Input Tax Credit Set Off against Liability and Tax Payment

Invoice Furnishing Facility (IFF) in QRMP scheme

Composition Dealer under GST Regime

Introduction

Conditions to be satisfied under the scheme

Creation of Company and Activating GST in TallyPrime

Accounting Intrastate and Interstate Supply of Goods

Generating GST Returns for Composition Dealer in Tally

GTS Tax Payment

Conclusion

Key Takeaways

Practice Exercises

Chapter2: Tax Deducted at Source

Introduction to TDS

Basic Concepts of TDS

TDS Process

TDS in TallyPrime

Activation of TDS in TallyPrime

TDS Statutory Masters

Configuration of TDS at Different levels

Configuration of TDS at Group level

Configuration of TDS at Ledger Level

Recording TDS Compliant Transactions in TallyPrime

 Expenses Partly Subject to TDS

Booking Expenses and TDS deduction on crossing Exemption Limit

Accounting Multiple Expenses and Deduction TDS latter

TDS on Expenses at Lower and Zero Rate

TDS on Expenses at Higher Rate

Recording Transaction when TDS Exemption limit is not crossed

TDS Exceptions

TDS Payment to Department

Resolving Uncertain Transactions

TDS Out standing

Payment of Tax to the Income Tax Department

Generating TDS Challan (ITNS 281)

Interest Payment to Income Tax Department on Delayed Tax Payment

TDS Report

Challan Reconciliation

Form 26Q

E-Return

Changes in TDS rates from 1^st April 2021

Conclusion

Key Takeaways

Shortcut Keys

Practice Exercises

Chapter 3: Management of Business Data

Introduction

Exporting of data in available formats

Export and Import in available formats

Export and Import of Data

Export and Import of Masters from one company to another in XML format

Exporting Reports to MS Excel

Exporting Reports to PDF

Open database connectivity (ODBC)

Printing of Company Logo on Vouchers, Invoices & Reports.

Conclusion

Shortcut Keys

Practice Exercises

Chapter4: Moving to the Next Financial Year

Introduction

Changing Current Period and continue voucher entry in the same company data

Company data handling through Export and import of data

Split Company Data

Creating group company Data

Comparative Final Accounts Reports of Two Companies

Conclusion

Short Keys

Practice Exercises