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Wednesday, 5 July 2017

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How to setup GST in tally step by step..?

Dear Tally learner,

If you want complete setup of GST in your tally then fist of all you to ensure you that your tally is updated with latest version of Series A Release 6.0.1 (Beta Version).
If Your Ans is YES!
Then follow these below steps :-

Press F11--->Statutory & Taxation Feature-->Enable Goods and Service Tax (GST)=YES-->Set/Alter GST Details=YES
And Update your GST details
Applicable from=01/07/2017
Set/Alter GST rate details=No
Enable GST classifications=No
ProvideLUT/Bond details=No

Note : in above we are not set the GST details because if you have multiple items which have multiple tax rates and HSN. then you have to as it is set this.
GST Classification : In this section we can record the category wise GST rate and other details of GST as like GST 18%,GST Exmpted, Zero rated etc.
Provide LUT/Bond details : This section for only large Taxpayer Unit and Exporter.

Then You have to create the Stock Group.
Master-->Inventory Info-->Stock Group-->Create-->

Name=Building Material
And all rest option is set to NO

Then create your Stock Item.
Master-->Inventory Info-->Stock Item-->Create-->
Name=Crusher Stone
Under = Building Material
Unit= CFT ( to be self create by press Alt+C)
Set/Alter GST rate details=No

Then Go to display-->Statutory reports-->GST-->GST rate setup-->
Then you have to select stock group and click on Right side showing option Set Rate  and fill the Tax Rate details as mentioned below :
Press Alt+L and fill the complete details :
Applicable from : 01/07/2017
Description : Building Materials
HSN/SAC : 25171010
Is Non-GST Goods? :No
Taxability : Taxable
Is Reverse Charge Applicable?: No
Is ineligible for input credits?: No
Set/Alter Tax Details? :Yes
When you'll set the tax details as Yes then nex window'll open as below :
Integrated Tax : Based on Value : 18 %
Then you'll see integrated tax automatically divides between central tax (9%) and State Tax (9%)

After this you have to GST setup in ledger A/c.
In debtor/creditors  ledger you have to just edit statutory details and update their GST No. in their a/c respectively.

In GST setup in tally, now you have don't need for multiple Sales/Purchase a/c as you create before GST in tally. You have just two ledger a/c Sales A/c and Purcahse A/c.
Master-->Single Ledger-->Create-->
Name : Sales A/c/Purchase A/c
Under : Sales Accounts/Purchase Accounts
Set/Alter Statutory details :No

In the end you have to create SGST/CGST/IGST A/c ab mentioned below ;
Master-->Single Ledger-->Create-->
Name : SGST
Under : Duties & Taxes
Type of duty/Tax : GST
Tax Type :State Tax
Set/Alter Statutory details :No

Name : CGST
Under : Duties & Taxes
Type of duty/Tax : GST
Tax Type :Central Tax
Set/Alter Statutory details :No

Name : IGST
Under : Duties & Taxes
Type of duty/Tax : GST
Tax Type :Integrated Tax
Set/Alter Statutory details :No

I hope this post'll little help to set up the GST feature in Tally and you raise the proper GST Sale Invoice in Tally with HSN code.

If you like this post please like and share with others.

Jai Hind, Jai Bharat :-)



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