GST Rate & HSN/SAC Details in Accounting Group in TallyPrime

Applying GST rates and HSN/SAC details to the Accounting Group in TallyPrime ensures consistency and compliance with GST rules for transactions involving multiple ledgers linked to that group.

Here’s how to configure these details with examples:

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1. Why Apply GST Rates and HSN/SAC to Accounting Groups in TallyPrime?

1. Consistency: Ensures uniform tax rates and HSN/SAC details for all ledgers under the group.
2. Efficiency: Saves time by applying tax details at the group level rather than configuring them individually for each ledger.
3. Compliance: Automatically incorporates the correct GST details in transactions.

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2. Steps to Apply GST Rates and HSN/SAC to Accounting Groups in TallyPrime

1. Enable GST in TallyPrime

1. Go to Gateway of Tally > Features (F11) > Statutory & Taxation.
2. Enable GST and specify the GST details for your company.

2. Open the Accounting Group

1. Navigate to Gateway of Tally > Chart of Accounts > Groups.
2. Select the group where you want to apply GST details (e.g., Purchase Accounts or Sales Accounts).

3. Configure GST Details for the Group

1. In the group alteration screen, enable the option Set/Alter GST Details.
2. Enter the GST details:
   • Nature of Transactions: Select the applicable nature (e.g., Local Purchases, Interstate Sales).
   • Taxability: Specify whether the items are taxable, exempt, or nil-rated.
   • GST Rates: Enter the applicable tax rates for CGST, SGST, and IGST.
   • HSN/SAC Code: Input the Harmonized System of Nomenclature (HSN) or Service Accounting Code (SAC).
3. Save the configuration.

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4. Example of Applying GST Rate & HSN/SAC Details in the Accounting Group

Scenario:
Your company deals with the sale of furniture. The GST rate is 18% (9% CGST + 9% SGST for local sales) with an HSN code of 9403.

Steps:

1. Open the Sales Accounts group.
2. Enable Set/Alter GST Details.
3. Enter:
   • Nature of Transactions: Local Sales.
   • Taxability: Taxable.
   • HSN Code: 9403.
   • GST Rate: 9% CGST and 9% SGST.
4. Save the group. All ledgers under the Sales Accounts group now inherit these GST details.

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5. Test the Configuration

• Record a sales invoice involving a ledger from the configured group.
• Check if the GST rate and HSN code are applied automatically in the transaction.

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3. Benefits of Configuring GST at the Group Level in TallyPrime

1. Automation: Reduces manual entry errors.
2. Time-Saving: Eliminates repetitive data entry for individual ledgers.
3. Accuracy: Ensures compliance with tax laws.
4. Scalability: Easy to apply GST details to new ledgers within the group.

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4. Conclusion

Applying GST rates and HSN/SAC codes to accounting groups in TallyPrime simplifies the management of GST-compliant transactions.

With proper configuration, businesses can ensure accuracy and efficiency, ultimately leading to streamlined operations and hassle-free tax compliance.