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,...