Author: Rishit Shah
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Order: SAC & Tax Rate [Applied for Services] in TallyPrime
When working with services in TallyPrime that are subject to GST, it is important to understand how the software determines which SAC (Service Accounting Code) and GST rate to apply. TallyPrime follows a specific hierarchy to decide this, ensuring accuracy and compliance with GST regulations. 1. Service Ledger in TallyPrime The highest priority is given…
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Order: HSN Code & Tax Rate Are Applied for Goods in TallyPrime
TallyPrime follows a structured hierarchy to determine the HSN Code and GST Rate applicable to goods. If GST details are specified at multiple levels, TallyPrime prioritizes the most specific level first. 1. Hierarchy of HSN Code & GST Rate Application in TallyPrime The order in which HSN Code and GST Rate are applied to goods…
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Specify GST Rate Details for Masters in TallyPrime: 5 Easy Steps
Setting up GST rate details correctly in TallyPrime ensures accurate tax calculations for sales and purchase transactions. You can specify GST rate details at different levels, such as Stock Items, Stock Groups, Accounting Groups, Sales/Purchase Ledgers, and GST Classifications. 1. Why Specify GST Rate Details in TallyPrime? 2. Specify GST Rate Details for Different Masters…
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View GST Rate Setup for Masters in TallyPrime: 4 Easy Steps
Viewing the GST rate setup for masters in TallyPrime helps businesses verify the applied GST rates across stock items, stock groups, accounting groups, and ledgers. This ensures that correct tax rates are applied while recording transactions, preventing compliance issues. 1. Why View GST Rate Setup for Masters in TallyPrime? 2. Steps to View GST Rate…
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Import Party GSTIN in TallyPrime: 2 Easy Methods + 2 Examples
Importing Party GSTIN in TallyPrime helps businesses maintain accurate records for GST compliance. Instead of manually entering GSTIN details for each party, you can bulk import them using Excel or XML files, saving time and minimizing errors. 1. Why Import Party GSTIN in TallyPrime? 2. Methods to Import Party GSTIN in TallyPrime TallyPrime provides two…
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Ledger to Book Expenses with GST in TallyPrime: 2 Easy Steps
In TallyPrime, businesses must record expenses with GST applicability to claim Input Tax Credit (ITC) correctly and maintain compliance with GST regulations. This guide explains how to create expense ledgers with GST, record transactions, and analyze GST reports. 1. Why Book Expenses with GST in TallyPrime? 2. Common Business Expenses That Attract GST Expense Type…
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GST for Ledgers of Non-Revenue Accounts in TallyPrime: 4 Steps
1. Understanding Non-Revenue Accounts in TallyPrime Non-revenue accounts refer to accounts that do not directly contribute to revenue generation but are essential for business operations. These accounts include: While these accounts are not part of sales or purchase transactions, GST may still be applicable under certain conditions. 2. When Does GST Apply to Non-Revenue Accounts?…
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Expense Ledger to Form Part of Assessable Value in Invoice in TallyPrime
TallyPrime allows businesses to include certain expenses (like freight, packing charges, insurance, handling charges, etc.) as part of the assessable value of goods or services in invoices. This is particularly useful for GST compliance, where expenses that form part of the transaction value should be taxable under GST. 1. What is the Assessable Value in…
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GST Classification for Cess Based on Quantity or Value in TallyPrime
TallyPrime allows users to create and modify GST classifications for Cess, which can be calculated either based on quantity (per unit) or value (percentage of the item’s price). This is particularly useful for industries where additional cess is applicable, such as tobacco, aerated drinks, and luxury cars. 1. What is Cess in GST? GST Compensation…
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Create/Alter GST Classification Based on HSN/SAC in TallyPrime
TallyPrime allows users to create and modify GST classifications based on HSN (Harmonized System of Nomenclature) for goods and SAC (Service Accounting Code) for services. By setting up GST classifications, businesses can apply the correct tax rates, reduce manual errors, and simplify GST return filing. 1. Why Use GST Classifications in TallyPrime? 2. How to…