How to Configure Stock Groups in TallyPrime: 8 Easy Steps

Jan 29, 2024

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Configuring stock groups for GST in TallyPrime is similar to configuring individual stock items but with some additional points to consider.

Here’s a guide to help you:

Table of Contents

1. Access the Stock Groups Master:

Go to Gateway of Tally > Create/Alter > Master > Stock Group.

2. Open or Create a Stock Group:

Select the desired stock group or create a new one.

3. Configure GST Details:

Click F12: Configure > Set/alter GST Details.
Choose the Taxability:
- Taxable: For groups containing taxable items.
- Exempt: For groups containing exempt items.
- Nil Rated: For groups containing items with a 0% GST rate.
Select the Type of Supply: Goods or Service.

4. Setting GST Rates:

Unlike individual items, you cannot directly set different GST rates within a stock group. The group inherits the tax rates of its member items.
Ensure all items within the group have proper GST configurations with matching tax rates.

5. H/S Code Tracking:

Similar to individual items, you can associate an HSN code with the stock group in the HSN/SAC & Related Details section, especially if the group primarily consists of items with the same code.

6. Taxability of Sales and Purchases:

When creating sales or purchase vouchers referencing stock groups, the overall taxability is determined by the Taxability chosen for the group.
However, individual items within the group might have different tax exemptions or reductions affecting the final invoice amount.

7. Managing Large Groups:

If you have numerous items with identical GST configurations, consider grouping them under a stock group to simplify master setup and data maintenance.
Remember to keep the group composition consistent in terms of taxability and maintain accurate individual item configurations.

8. Review and Save:

Press Ctrl+A to save the configuration for the stock group.
Verify the details by opening the group again and reviewing the GST Details and HSN/SAC & Related Details sections.

Important Note while Configuring Stock Groups in TallyPrime:

Configuring stock groups for GST should be approached strategically considering your inventory organization and item variations.
Consult a qualified accountant or tax advisor for guidance on optimal group setups and potential implications for GST compliance.

By following these steps and considering the additional points, you can effectively configure your stock groups for GST in TallyPrime, simplifying data management and ensuring accurate tax calculations.