How to Record Expenses With GST in TallyPrime?

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In the previous post, we saw ‘How to Record TDS Entry in TallyPrime?‘, now we will see how to record Expenses With GST in TallyPrime?

In a day-to-day business operation, there is a lot of expenses like telephone exp., printing & stationery expenses, internet expenses, etc. These expenses may attract GST.

If you are a registered dealer [Means registered under GST] and you purchase from another registered dealer and paid GST at the time of payment or purchase then you are eligible to claim Input Tax Credit [ITC.]

You can use any one of the following voucher to record business expenses:

1.Purchase Voucher or 2. Journal Voucher

Record an Expense Entry Using Purchase Voucher

Make sure to enable the expense ledger with GST. You can record expense entry using a purchase voucher this will also auto-calculate the GST amount.

For e.g. Internet Bill Received from Hathway on 2nd March, 2021 of Rs 1,000/- plus GST @ 12%

So Invoice amount = 1000 + CGST 60 + SGST 60 = Total 1,120/-

To do that launch TallyPrime from the gateway of the tally press ‘V’ then press ‘F9’ to enable purchase voucher. Change the mode to ‘Accounting Invoice’ [Press CTRL + H and select accounting invoice option] press ‘F2’ to change the date to 02/03/2021. Enter the invoice number.

Now in Party A/c name press ‘ALT +C’ to create ledger ‘Hathway Pvt. Ltd.’ under the head sundry creditors then press ‘CTRL +A’.

Now in particulars press ‘ALT +C’ to create ‘Internet Exp.” Name it as ‘Internet Exp.’ Under: Indirect/Direct Exp. In Statutory details:

Is GST applicable: select the option applicable. Set/Alter GST Details: Yes.

GST Details for ledger screen will appear in that select/enter the following details:

Nature of Transaction: Purchase Taxable or Select the Nature of Transaction based on the expense being booked.

Taxability: Taxable ( As you selected purchase taxable it will be automatically select taxability as taxable)

In Integrated Tax: 12% or the rate applicable in your case. Select the Type of supply: Services (It will change from case to case). Press ‘CTRL + A’ to save that.

How to Record Expenses With GST in TallyPrime?

Now enter the taxable amount of Rs. 1000 and hit the enter button Press ‘C’ and select the CGST Ledger amount will be auto-calculated press enter type ‘S’ select the SGST ledger here also amount will be auto-calculated. Now let’s record expense entry.

Click on the image

record expenses expenses with gst

Record an Expense Entry Using Journal Voucher

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Using the same example. From the gateway of tally press ‘V’ press ‘F7’ to enable journal voucher then enter the required details and start recording entry

Internet Exp. A/c- Dr. 1000

CGST A/c- Dr. 60

SGST A/c- Dr. 60

To Hathway A/c 1120

record expenses with gst

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