Recording a Journal Voucher for TDS Adjustment in GST in TallyPrime involves specific steps depending on the nature of the adjustment.
Here’s a breakdown of two common scenarios:
Scenario 1: Claiming Additional TDS Credit:
1. Identify Additional Credit:
This scenario occurs when you discover previously unclaimed TDS deductions applicable to your business.
2. Create Journal Voucher:
- Go to Gateway of Tally > Accounting Vouchers > F7: Journal.
- Press Alt+J and select Decrease in Tax Liability & Increase in Input Tax Credit.
3. Tax Details:
- Set Type of Duty/Tax to “GST”.
- Choose Nature of Adjustment as “TDS Adjustment (Increase Credit)”.
- Under Additional Details, provide reference to the discovered TDS deduction (e.g., challan number, assessment order).
4. Debit & Credit:
- Debit: Select the specific TDS deduction ledger (e.g., “Tax Deducted at Source – Central Tax”, “Tax Deducted at Source – State Tax”).
- Credit: Credit the applicable input tax credit ledger (e.g., “CGST Input Tax Credit”, “SGST Input Tax Credit”).
5. Amount & Reference:
- Enter the amount of additional TDS credit.
- Include relevant references and supporting documents.
6. Save & Print:
- Press Ctrl+A to save the voucher.
- Consider printing it for documentation purposes.
Scenario 2: Reversing Excess TDS Claimed:
1. Identify Excess Claim:
This occurs when you claimed more TDS credit than actual deduction, requiring reversal.
2. Create Journal Voucher:
- Go to Gateway of Tally > Accounting Vouchers > F7: Journal.
- Press Alt+J and select Increase in Tax Liability & Decrease in Input Tax Credit.
3. Tax Details:
- Set Type of Duty/Tax to “GST”.
- Choose Nature of Adjustment as “TDS Adjustment (Decrease Credit)”.
- Under Additional Details, mention the reason for reversal (e.g., error in calculation, mismatch with challan).
4. Debit & Credit:
- Debit: Credit the applicable tax ledger (e.g., “CGST”, “SGST”).
- Credit: Debit the input tax credit ledger used for claiming excess credit.
5. Amount & Reference:
- Enter the amount of excess TDS to be reversed.
- Include relevant references and supporting documents.
6. Save & Print:
- Press Ctrl+A to save the voucher.
- Consider printing it for documentation purposes.
Important Notes:
- Always consult a qualified accountant for specific guidance on TDS adjustments, calculations, and compliance requirements based on your industry and location.
- Ensure the reason for adjustment is valid and supported by proper documentation.
- Consider maintaining separate “TDS adjustment” ledgers for clarity and easier identification.
- Timely filing of revised GST returns might be necessary depending on the adjustment.
By following these steps and seeking professional advice, you can accurately record TDS adjustments in TallyPrime, ensuring proper GST credit claims and compliance with regulations.
Remember, accurate record-keeping and adherence to regulations are crucial for your business.
Leave a Reply