OVERVIEW/INTRODUCTION OF GST INWARD IN MARG ERP SOFTWARE

• Marg ERP has provided a provision for GST Inward and GST Outward. GST Inward means the goods & services which we purchase & on the other hand GST Outward means the goods & services which we give/sell. GST Inward works like Purchase and GST Outward works like Sale. 

PROCESS OF GST INWARD IN MARG ERP SOFTWARE

In day to day business, the people purchases commodities that does not have any impact on their inventory. In simple terms, it means the commodities that are not resold but receive the Tax Credit on the purchase of those goods. 

For Example: If the user purchases a machine for the purpose doing business, or a computer or say if the user purchases some kind of services like booking a Hotel for the purpose if business event or get a telephone bill or electricity bill for the shop. These are few examples of GST Inward where the services or commodities are being purchased but those services or commodities are not being resold. 

• In order to claim GST credit for these kinds of purchases that do not effect on the inventory, the particular entry needs to be done with the help of GST Inward in Marg ERP 9+ Software.  

• In order to do GST Inward entry, go to Transactions >> GST Inward >> Inward.

Fig. 1.1 Menu View to GST Inward in Marg ERP 9+ Software

• Here, a ledger window will appear. For Example, the user is booking a hotel i.e. Gyatri Hotel for the purpose of business meeting so for that create a ledger of Gyatri Hotel.

Fig. 1.2 Creation of GST Inward Entry in Marg ERP 9+ Software

• Select the Ledger of “Gyatri Hotel”.

Fig. 1.3 Selecting Ledger for Creation of GST Inward Bill in Marg ERP 9+ Software

• After selecting the ledger, the user will now select the type of expense under which the bill has to be generated.

• For the purpose of generating a GST Inward Bill for office expenses, select the ledger of “Office Expenses”. 

Fig. 1.4 Process for Creation of GST Inward Entry in Marg ERP 9+ Software

• Once the user will select the ledger of office expenses, now generate the bill.

**Suppose, the HSN Code of Hotel services is 300409. For that create an item/product  i.e. Expense, define the HSN Code of that particular product/service i.e. 300409 and lastly whatever the GST% is charged on that particular item/product or services that % must be specified here on the item name so that if the user purchases the service of that same HSN Code then that particular item can be loaded in the bill. **

• Now, load the item in the bill.

Fig. 1.5 Process for Creation of GST Inward Entry in Marg ERP 9+ Software

Fig. 1.6 Process for Creation of GST Inward Entry in Marg ERP 9+ Software

Fig. 1.7 Process for Creation of GST Inward Entry in Marg ERP 9+ Software

• Now, if the bill of the hotel was Rs. 25,000 so for that select Quantity as 1 and define Purchase Rate as Rs. 25,000. then the user can view that the GST Tax% calculation as Rs. 1250. 

• For GST Inward & GST Outward the software does automatic voucher posting. The user can see the voucher posting of GST Inward bill which is being created. Here, the user will get a tax credit of Rs. 625. 

Fig. 1.8 Snapshot of GST Inward Voucher in Marg ERP 9+ Software

• The stock will not get effected for the expense item which was being created while generating the GST Inward Bill i.e. the stock of this particular item will always remain zero as the user has created a separate ledger for Gyatri Hotel and created a GST Inward bill against it.

Fig. 1.9 View of Item with No effect on Stock in Marg EPR 9+ Software

• Similarly, the use can also create a GST Inward Bill against the General Ledger also. Suppose, if there are a number of salesman in the user’s business who visits many hotels for the purpose to stay at at the time of their field job. So, instead of creating  separate ledgers for all of hotels wherever the Salesmen visits, the user can do the entry of those particular expenses in General Ledger.

• The user will create the ledger of only those parties with whom the user has dealing on regular basis instead of creating different ledgers. So, Credit card, Cash, General Ledgers are some of the common ledgers.

• If the salesmen has done payment through Cash or Credit card then the user will select Cash or Credit Card Ledger at the time of generating the GST Inward Bill else select General Ledger

Fig. 1.10 Process of Generating GST Inward Bill in Marg ERP 9+ Software

Fig. 1.11 Process of Generating GST Inward Bill in Marg ERP 9+ Software

Fig. 1.12 Process of Generating GST Inward Bill in Marg ERP 9+ Software

In this way, GST Inward Voucher Posting 

Fig. 1.13 Snapshot of GST Inward Voucher in Marg ERP 9+ Software