Implementing GST for Composition Dealers
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- Allen Hensley
- 5 years ago
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1 Implementing GST for Composition Dealers Overview Under GST regime government has provided a simpler compliance for small dealers known as the Composition Scheme. The Composition Scheme allows qualifying taxpayers those whose annual turnover is upto Rs 1.5 crore to pay a percentage of their sales turnover as tax. The tax paid by the composition dealer will be equal to at least 1% of the turnover. Features of composition scheme: Composition dealers are not allowed to collect tax on sales. Due to this reason, Bill of Supply is issued for sales transactions, instead of Tax Invoice. Composition dealers are not allowed to take Input Tax Credit (ITC) on purchases. The composition rates are different based on the type of business. o For traders and manufacturers it s 1%. o For restaurant sector it s 5%. For transactions under the reverse charge mechanism, the composition dealers will be taxed at the normal GST rate. Composition dealers have to file a single quarterly return in place of multiple monthly returns. Implementation in BUSY To implement GST in BUSY, composition dealers need to perform the following steps: Step 1: Enable GST with Composition Scheme Step 2: Create Masters required for transactions Step 3: Enter transactions Step 4: View/Print GST Reports We will now discuss these steps in detail. Step 1: Enable GST While creating new company; enable GST with Type of Dealer as Composition and specify Default Tax Rate. For Default Tax Rate specify tax rate as per which tax is to be paid to government. The tax rate specified here will be then used to calculate tax payable. Given here is a screenshot of Create Company window.
2 If you have not enabled GST or specified other details at the time of company creation then you can enable/change it through Administration Configuration Features/Options GST/VAT tab. On clicking the GST/VAT tab, a GST/VAT window will appear. Given here is a screenshot of GST/VAT window.
3 In the GST/VAT window, you can specify/change the type of tax, type of dealer, tax rate (%) and GSTIN No. Step 2: Create Masters required at the time of entering transactions To enter transactions, certain masters are required. BUSY will create certain masters automatically as per the details specified by you at the time of company creation. Now let us discuss the following masters which are required at the time of entering transactions: Sale/Purchase Type Account Master Item Master Sale/Purchase Type A Sale/Purchase Type is classification of sale/purchase based on the type of sale/purchase (central or local) and the rate of GST charged. Certain Sale/Purchase Types are created automatically as per details specified by you at the time of company creation.
4 In case of composition dealer I/GST-No Tax and L/GST-No Tax Sale Types will be created automatically as composition dealer need not to collect GST on sales. Whereas, Purchase types as per different tax rates will be created as composition dealer has to pay tax on purchase but cannot claim Input GST on it. Account Master Create Account masters and enter GST related details such as GSTIN and Type of Dealer for sundry debtors and sundry creditors. Note: While creating accounts under Expenses group, certain GST related details are asked as the same is required for RCM calculation and reporting. Item Master Create Item masters as required. Make sure to specify correct Tax Category for each Item as the same is mandatory for GST reporting. Now that you have created masters in BUSY, you can record transactions using vouchers. Step 3: Enter transactions Purchase Voucher In case of composition dealer Purchase voucher will be entered in the same manner as for regular dealer. Only difference is that he cannot claim input on it. Given below is a screenshot of Purchase voucher that a composition dealer needs to enter.
5 ITC Eligibility data field is disabled as no input is to claimed Tax Bill Sundries with (ITC-None) suffix will be applied as no input is to claim Sales Voucher In case of composition dealer Sale voucher will be entered with Sale Type as I/GST-No Tax and L/GST-No Tax. Given below is a screenshot of Sale voucher that a composition dealer needs to enter.
6 No Tax Bill Sundry is to be applied as no GST is to be charged In Invoice printing, Bill of Supply will be printed instead of Tax Invoice as no tax is collected on Sales. Given below is a screenshot of Invoice Print.
7 Payment Voucher Expenses can be booked either through Payment or Journal voucher. If Expenses are made through unregistered dealer then Composition dealer also needs to pay tax under RCM to the government. Given below is a screenshot of Payment voucher.
8 To check RCM Liability go to Transactions GST Misc. Utilities Check/Post Consolidated RCM Payable option. On clicking Check/Post Consolidated RCM Payable option a RCM Summary window appears. Given below is a screenshot of RCM Summary.
9 You can drill down to specific date to post Consolidated RCM Payable Voucher and then by pressing F4 key you can post the voucher. *For detailed Information on RCM you can view our Help document and video named Implementing RCM in BUSY. Step 4: View/Print GST Reports Once you have recorded GST related transactions, you can view GST related reports and returns. To view GST reports, click Display GST Reports Select the required report. Given below is the screenshot of GST Summary.
10 0.5% CGST & SGST is calculated on total sales turnover as 1% tax rate is specified at the time of company configuration Tax Payable will be calculated on Sales turnover as per the default tax rate specified Composition dealer has to file a quarterly return GSTR-4 which consists of total value of inward and outward supplies made during a specified period. To file GSTR-4 from BUSY following steps needs to be followed: Step 1: Check GSTR-4 screen report in BUSY and verify data To check GSTR-4 screen report go to: Display GST Reports GST Returns GSTR-4 option. Given below is the screenshot of GSTR-4 screen report.
11 Press enter on each section to verify data and correct invalid data appearing in red color Step 2: Generate Direct JSON or Excel file as per government template from BUSY To generate Direct JSON or Excel file as per government template from BUSY go to: Display GST Reports GST Returns GSTR-4eReturn option. On clicking GSTR-4 ereturn option, a GSTR-4 ereturn message box appears. Given below is a screenshot of GSTR-4 ereturn message box. Select the option as per your requirement and generate JSON file for upload on portal to file GSTR-4. Please Note: If you are BUSY user of Standard/Enterprise Edition, then it is recommended to use JSON option to generate ereturn. Other option, Excel file as per Govt. Template is to be used only when you are using BUSY-Basic Edition. With this, we complete Implementation of GST in BUSY for Composition Dealers. <<< Thank You >>>
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