26/06/2017

How to Update Stock Item and Stock Group for GST Compliance?

How to Update Stock Item and Stock Group for GST Compliance?

Stock Configuration is a major part to integrate GST in Tally. Without Stock Item or Group setup you can't get benefit of GST Compliances in Tally. 

So If you sold an item with different tax rates, update your stock item master or stock groups with the applicable GST Rates and the type of supply as applicable. 

For Updating a Stock Item

In case you need different Tax Rates for different items, modify the stock item to include the applicable tax rates as applicable under GST Act.

For updating a stock item go to Gateway of Tally - Inventory Info - Stock Items - Alter


Go to Set/Alter GST Details and select it to Yes. When you select yes following option appear on your screen


Enter details required in above screen. Select Taxability is to Taxable, Integrated Tax as per your norms (Suppose if your tax rate is 18% then it will be divided 9% each between Central and State Tax). Enter Cess if applicable. Press Enter to Save.

Now Select the Type of Supply whether it is Goods or Services.

Press Enter or Ctrl + A to Save.

Updating a Stock Group

To update Stock Group Go to Gateway of Tally - Inventory Info - Stock Group - Alter 


Select Set / Alter GST Details to Yes and following window will be appear on your screen:


Fill the details as specified in Stock Item Details

After enter the details Press Enter or Ctrl + A to Save. 

Your stock Item & Stock Group is fully configured for GST compliances. 
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How to Setup GST Tax Rates in TallyERP.9?

How to Setup GST Tax Rates in TallyERP.9?

For Quickly Setup GST Rates in your Tally Data, stock  wise or stock group wise using the GST Tax Rate Setup Option. You must Enable GST in your company providing GST Rate. You also can setup rates at the company level, stock group level, ledger group level and ledger level.

To Set GST Rates for stock groups and stock items, Go to Gateway of Tally - Display -Statutory Reports - GST - GST Rate Setup:


Note: Brackets indicate that tax rates are captured from the company or stock group level

Select the Stock Group or Stock Item, and Press Alt + S to provide applicable tax rate. You can press Space Bar to Select Multiple stock groups or stock items. Set the tax rates and save.


Rate Entered for Integrated Tax will automatically divided equally between Central Tax and State Tax.

To View the history of Tax Rate changes press Alt + L.

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22/06/2017

How to Enter Purchase Voucher Under GST?

Once you Activate GST in your Data, you can record the purchase of Goods & Services that attract GST using a purchase Voucher. Ensure that you provide unique voucher number for your purchase vouchers and use a new series of voucher numbering.

There is two types of Purchase voucher in GST
Local Purchase
Inter State Purchase

Local Purchase

To purchase a local voucher for goods or services from supplier in the same state attracts central tax and state tax.

To Record a purchase Voucher, Go to Gateway of Tally - Accounting Vouchers - F9 (Purchase).


Supplier Invoice no. display the sales invoice no. of supplying party.
Display date of sales invoice of supplying party.

Select party name in field Party A/c Name. Select Ledger of Local Taxable Purchase. Select the items, quantity and rates. Select CGST (Central Goods & Service Tax) & SGST (State Goods & Service Tax). Tax will be automatic calculated on your goods/ services.

Press Alt+A to view Tax Analysis of the purchase voucher. 

Interstate Purchase

To record a Inter State purchase voucher, Go to Gateway of Tally - Accounting Vouchers - F9 (Purchase):


All the details remains same as Local Purchase instead of Purchase Ledger & Integrated Goods & Service Tax Ledger. Select Inter State Purchase in Purchase Ledger. Select required Items, Quantity & Rates. Select IGST for Inter State Purchase Transaction (IGST will automatic calculate on Goods/ services). 

For record a purchase voucher nature you must know the location of supplier. If supplier is with in State then Local Purchase will be applicable, or if supplier is from outside state then Inter State Purchase applicable.
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How to Create GST Tax / Service Invoice in Tally

How to Create GST Invoice in Tally?

Based on GST Invoicing Rules (Rule 5), 2016 issued by the Central Government, two kinds of invoices can be issued under GST namely Tax Invoice & Bill of Supply. 

Tax Invoice format as follows:

Image Source: Cleartax

Second is Services Invoice as follows:

Image Source: Cleartax

For create Invoice in Tally you have to setup followings steps:


Follow above steps properly and create an accounting Voucher. For more details please watch following video.

Download Sample GST Invoice prepared by TallyERP.9 Release

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21/06/2017

How to Create Goods/ Services in Tally for implement GST in Invoice?

How to Create Goods/ Services in Tally for implement GST in Invoice?

GST is purely based on supply of Goods or Services. But if you want to Create a GST Tax / Services Invoice in Tally then you must setup your Goods or Services in Inventory. Tally calculate tax or manage a invoice on based of inventory, without inventory you can't be make a taxable invoice. 

For Create of Inventory followings steps to be done:

1. Go to Inventory Info - Stock Items - Create
2. Create Name of your Inventory
3. Create Alias of your Inventory
4. Select under which category your Inventory falls. (Like if I create Pen Inventory then it is covered under printing & Stationary category)
5. Select No of units (Like 1 Carton contains 10 Nos. of product then you can use alternate units option after pressing F12 in Stock item Creation screen)


6. Set GST Applicable is to yes.

7. Set GST/Alter GST Details to yes. A new window will be appear on your screen


Classification remains undefined, Description of your inventory with HSN Code, Calculation type, Taxabilility whether taxable or not, Tax rate as prescribed in GST. 

8. When you select Taxable a new window will appear on your screen to Setup the tax amount on which tax is applicable.


Select type of Inventory (Goods or Services), Rate of duty (Tax rate as mentioned in GST Act.). Press Enter to Save.

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20/06/2017

How to Create CGST, SGST, IGST Tax ledger in TallyERP.9

How to Create CGST, SGST, IGST Tax ledger in TallyERP.9

As you know Government is ready to launch GST from 1st July, 2017, Tally launch their GST ready software for their customers. Currently available release 6.0 Beta now on a Demo Basis for know the functionality of the Software.

But Demo version is also ready for full function to implement GST compliances. In previous post we know about how to Create GST Sales / Purchase Ledger. In this post we know about how to Create CGST, SGST & IGST Tax ledger in TallyERP.9 Release 6.0.

For create a ledger, process is same:

Go to Gateway of Tally - Accounts Info - Ledger - Create

Create a Ledger IGST (Integrated Goods & Service Tax), (you can also create the SGST, CGST in the same manner), Under Duties & Taxes, Type of Duty GST (Enable GST Compliances in Tally), Select Integrated Tax, Percentage of Calculation as mention in Rules, Rounding method Normal with 2 decimal places (See below image).


We are create a single ledger for Sales/ Purchase both transaction for net effect. Press Enter to Save the ledger. Same can be create for CGST & SGST (as per below images):



Its all done. But remember one thing, any of the above tax ledger not work in accounting voucher before 1st July 2017. You can only use all above tax ledger on or after 1st July 2017.

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How to Create Sales / Purchase account in Tally for GST?

How to Create Sales / Purchase account in Tally for GST?

In TallyERP.9 Release 6.0 (Beta) you can create Sales / Purchase ledger integrated with Goods & Service Tax. In this tutorial we learn about how to create both ledgers.

In previous post we know about how to Setup GST (Goods & Service Tax) compliance in Tally.ERP9. You can only integrate GST Sales & Purchase, when you successfully integrate GST Taxation Compliance in Tally.ERP9 Release 6.0 otherwise your data will show all the time taxation or mismatch error.

Go to Accounting Info - Ledgers - Create
  • I was create Sales Ledger - Inter State Sales
  • Under - Sales Account
  • In Statutory Information - Select GST Applicable as applicable
  • Set / Alter GST Details to yes

If you select yes then a new window will appear on your screen to enter the details of Inter State Sales Ledger.


Enter name as Nature of Sales whether it is Local / Inter State or Exports. Nature of Transaction will be selected from predefined nature of Transactions from right side list. Select Taxable/ Exempt or nil rated. Enter the required tax rate and press Enter to save the details.

Now you are again on Sales Ledger creation screen, Now select type of supply which is you provide, Goods or Services. Press Enter to Save the Details. 

Now We create a Purchase Ledger

The same will be done to create the Purchase Ledger account.  Gateway of Tally - Ledger - Create, at GST applicable select as applicable. Set/ Alter GST details to yes and a new window appear on your screen as below:


In the name field, Enter nature of purchase, nature of transaction is predefined option, to be select from right side panel, nature of goods Select capital goods if required, Taxability is Taxable, Enter required rate and save the details.  You are again come to Ledger creation details, Select type of supply as Goods (if you supply goods otherwise services). Press Enter to Save the details. 



Its all done!.
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