Tally Prime

Update Stock Items and Stock Groups for GST You have a facility to update stock items and stock groups for GST in TallyPrime. If the items have different tax rates, with or without slab rates, update your stock item masters or stock groups with the applicable GST rates, and select the type of supply, as applicable.

Update a Service Ledger for GST You can update a service ledger for GST in TallyPrime. To update taxes and other GST details for your service items, you need to modify your service ledgers. 1. Gateway of Tally > Alter > type or select Ledger > and press Enter. Alternatively, press Alt+G (Go To) > Create Master > type or select Ledger > and press Enter.  2. Is GST Applicable – Applicable. 3. Set/alter GST Details – Yes, specify the details in the GST Details screen, and save. Alternatively, you can use a classification to use the tax details defined in the classification.    4. Taxability: Select Taxable for goods and services that are classified as taxable type of supply under GST. Select Exempt, if the type of supply is exempted from tax under GST, or select Nil Rated, if the tax rate applicable to the type of supply is 0% under GST. To view the history of tax rate changes, press Alt+W (Details). To specify further GST-related details, press F12 (Config...

Update Sales and Purchase Ledgers for GST If many items you sell have the same tax rate, specify the tax rate and other GST details in your sales ledger. Similarly, if the items you purchase have the same tax rates, update your purchase ledger. If you sell items with multiple tax rates, you can maintain a single sales ledger and record all GST details at the stock item or stock group level. Similarly, you can create a single purchase ledger. The HSN details, tax rate, and type of supply selected in sales and purchase ledger will be applicable to all items or services selected in a transaction where these ledgers are applied. These details specified in the stock items will be overridden in the transaction with the details configured in the sales or purchase ledger.

Update Party GSTIN/UIN Quickly update the GSTIN/UIN details for your parties group-wise from the Update Party GSTIN/UIN report. You can also provide this at the individual party ledger level. Use the Import Party GSTIN tool to import GSTINs for several parties in one-go.

Start Using TallyPrime for GST Compliance To record a GST transaction, you have to activate GST and also update or create the required ledgers. Activate GST for your company Activate GST Set up tax rates  Note: You can find the list of HSN codes/SAC on the website of the department of revenue.   Create or Update Masters Depending on the business requirements you will need to update the following ledgers, either immediately or later. Update stock items, and stock groups to include GST details. Update sales and purchase ledgers to use in GST transactions. It is recommended that you restart voucher numbering for GST transactions to ensure thatunique voucher numbers are used for all your vouchers. If Automatic (Manual Override) is set as the method of voucher numbering, it ensures that unique voucher numbers are set for your vouchers. Update party GSTIN/UIN for parties buying from you or selling items to you. Create GST tax ledgers to calculate taxes in transactions. Create income...

Set GST Rate in TallyPrime You can set GST rate in TallyPrime. Quickly set up GST rates for your company, stock item-wise or stock group-wise, using the GST Rate Setup option. You must enable GST in your company to provide GST rates. You can set up GST rates at the company level, stock group level, stock item level, account ledger group level, and ledger level. You can also set the GST rates for a particular price range/slab for multiple stock items.

Provide GST Details in TallyPrime You can provide GST details in TallyPrime by specifying all GST-related information relating to your business in the GST Details screen. This screen can be configured to enable further options which will allow you to enter your GST information in detail. To provide GST details in TallyPrime, enable the option Set/alter GST rate details?. You can manage GST details for goods/services at different levels. If you have enabled GST classification at the company level, you can select it in the field Classification. Once you have selected a GST classification, the details  specified get applied to stock item, stock group or ledger. The GST Details screen at the stock item level appears as shown below: Note: The option Calculation type is available only at the stock item level. You can set the calculation type as On Value or On Item Rate, as required. F12 (Configure) The F12 configuration options available at the stock item, stock group, and ledger levels,...

Manage HSN Codes/SAC and Tax Rates in TallyPrime You can specify and manage HSN codes/SAC and tax rates in TallyPrime at different levels for the goods or services provided by your business. This is a flexibility provided for ease of use to accommodate your business needs. It is recommended that HSN code/SAC and tax rate should be specified at the same level. In case you have specified these at different levels, you can remove it. If HSN code/SAC and tax rates are specified at stock item level and only HSN code/SAC is specified at accounting ledger/group level, tax will not be calculated while recording the invoice. In This Section: Order in which HSN code and tax rate are applied for goods Order in which SAC and tax rate are applied for services Update HSN Codes in TallyPrime

Ledgers For Expenses, Incomes, Non-Revenue Accounts, Invoice Rounding Under GST Supply of goods or rendering of services may involve additional expenses, which can either be part of stock items or service value, or can be charged separately. When such an expense is recovered from customers, it is treated as an income. You can create a ledger to round-off the invoice value. You can enable the applicability of GST for non-revenue accounts as well. In This Section: Ledger to Round-off the Invoice Value Include Expenses in Assessable Value GST Applicability for Ledgers of Non-Revenue Accounts Ledger to Book Expenses with GST

Create Party Ledgers for GST You can create party ledgers for GST in TallyPrime for the parties with whom you purchase and sell goods and services, with the GST registration details. You can create supplier Ledger, customer Ledger and enter the GSTIN/UIN based on the party type. You can set GST rates in the ledger grouped under non-revenue accounts, for example, Current Assets and Current Liabilities. If you have created the party ledgers under groups other than Sundry debtors, Sundry creditors, Bank, Cash, and Branch/divisions: Supplier Ledger Customer Ledger

Create GST Ledgers You can account for different taxes under GST (central tax, state tax, UT tax, integrated tax, and cess), for which you need to create GST ledgers or tax ledgers for each tax type. Central Tax Ledger Cess Ledger UT Tax Ledger

GST Classifications in TallyPrime You can create GST Classifications in TallyPrime in order to record the tax rates and other details for categories of goods attracting different GST rates. For example, you can create GST Classifications based on HSN. When this classification is used in relevant masters and transactions, the tax details of the goods or services will be automatically captured. In case the department changes, the tax rate for any HSN in future, alter the GST Classification and assign the new rate. You can create GST Classifications in TallyPrime for an accounts-only company as well. Depending on the grouping used for GST Classifications, you can tag those to Sales, Purchase, Services, Income and Expense ledgers. In This Section: Create a GST classification based on HSN code Alter a GST classification Create a GST Classification Based on SAC Use a GST classification for setting GST details for a service Create a GST Classification for Cess Based on Quantity or Value

Activate GST for Your Company To use TallyPrime for GST compliance, you need to activate the GST feature. Once activated, GST- related features are available in ledgers, stock items, and transactions, and GST returns can be generated. In This Section: Activate and Configure GST for Regular Dealers Activate and Configure GST for Composition Dealers

Validate GSTIN/UIN and HSN/SAC - Online in TallyPrime The information related to a Party’s GSTIN/UIN is a vital part of transactions recorded for the Party. On the other hand, HSN/SAC details are important to identify items, goods, or services in a transaction, as applicable. Furthermore, if your business has a turnover exceeding Rs. 5 Crore in the previous financial year, then you need to furnish 4, 6, or 8 digit HSN codes for Stock Items as per new mandate under Notification 78/2020 issued by the GST authority. Additionally, you need to provide accurate descript for Stock Items in the Invoice. So, it is mandatory to enter the correct information related to GSTIN/UIN and HSN/SAC code in transactions. The entry of the authentic information in the transaction will ensure seamlessness in filing returns and claiming Input Tax Credit, if applicable. To ensure that the information in transactions is authentic, you must validate GSTIN/UIN and HSN/SAC. TallyPrime Release 2.0 onwards, you can ...