The HSN/SAC Summary report in TallyPrime is a vital tool for businesses complying with the Goods and Services Tax (GST) in India.
It provides a comprehensive overview of your outward supplies, categorized by the HSN (Harmonized System Nomenclature) or SAC (Services Accounting Code).
Here’s an in-depth explanation of its purpose, components, and functionalities:
1. Purpose of HSN/SAC Report in TallyPrime:
- The HSN/SAC Summary report helps you analyze and report the value and tax associated with your outward supplies, categorized by the specific HSN/SAC code of the goods or services involved.
- This report plays a critical role in preparing for filing your GSTR-1 return, which requires you to report outward supplies based on HSN/SAC codes.
2. Components and Functionalities:
1. Accessing the Report:
- Go to Gateway of Tally > Display > Statutory Reports > GST Reports > GSTR-1.
- Select the appropriate Return Period (year & month/quarter).
2. Report Sections:
- Summary of Vouchers with HSN/SAC:
- Shows the count of outward supply vouchers categorized based on:
- Description: Vouchers with HSN/SAC description specified.
- HSN/SAC: Vouchers with only HSN/SAC code specified.
- HSN/SAC and Description: Vouchers with both HSN/SAC code and description specified.
- Shows the count of outward supply vouchers categorized based on:
- Included in HSN/SAC Summary:
- Lists stock items with UQC (Unit of Quantity Code) mapped, enabling their inclusion in the HSN/SAC Summary report.
- Not included in HSN/SAC Summary (UQC not available):
- Lists stock items without a defined UQC, leading to their exclusion from the report. These might require mapping the appropriate UQC for accurate reporting.
- Not included in HSN/SAC Summary (For other reasons):
- Lists stock items excluded due to specific reasons like:
- Sales return value exceeding sales value.
- Purchase return value exceeding purchase value.
- Missing information like HSN/SAC or UQC.
- Lists stock items excluded due to specific reasons like:
3. Key Columns:
- HSN/SAC: Displays the relevant HSN code for goods or SAC code for services.
- Description: Shows the description of the stock item or service associated with the HSN/SAC code (if available).
- Type of Supply: Identifies the type of supply (e.g., Inter-State Supply, Intra-State Supply).
- Quantity UOM: Displays the quantity of the supplied items using the defined Unit of Measurement (UOM).
- Taxable Value: Shows the total taxable value of all outward supplies under that specific HSN/SAC code.
- Integrated Tax Amount: Displays the total integrated tax (IGST) collected for inter-state supplies for that HSN/SAC code.
4. Filtering and Sorting:
- You can filter and sort the report data based on different criteria like HSN/SAC code, type of supply, etc.
- This helps you analyze specific categories of outward supplies in more detail.
3. Benefits of HSN/SAC Report in TallyPrime:
- Simplified GSTR-1 Preparation: Provides a readily available summary of information required for GSTR-1 filing, minimizing manual data gathering and errors.
- Enhanced Compliance: Facilitates accurate reporting of outward supplies aligned with GST regulations.
- Improved Data Analysis: Offers insights into the distribution of your outward supplies across different HSN/SAC categories, aiding business decisions and tax planning.
4. Additional Notes:
- The specific report layout and available functionalities might vary slightly depending on your TallyPrime version.
- Consult your TallyPrime documentation or support for detailed instructions related to your specific version.
- It’s recommended to maintain accurate HSN/SAC codes and descriptions in your stock items and vouchers for optimal report generation and GST compliance.
By utilizing the HSN/SAC Summary report effectively, you can streamline your GSTR-1 preparation process and ensure accurate reporting of outward supplies, contributing to robust GST compliance for your business.
Leave a Reply