Import of Goods under GST in TallyPrime: 7 Simple Steps

Feb 5, 2024

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by

Rishit Shah

in GST in Tally, Intermediate

Here’s how to record transactions of import of goods under GST in TallyPrime:

Table of Contents

1. Configure Stock Items and Party Ledgers:

1. Stock Items:

Ensure all imported goods have their Taxability set to Taxable in the stock item master (Gateway of Tally > Create/Alter > Master > Stock Items).

2. Party Ledgers:

Set the supplier’s ledger account to Regular – Imports under Registration type in the ledger master (Gateway of Tally > Create/Alter > Master > Ledgers).

2. Create a Purchase Voucher:

Go to Gateway of Tally > Accounting Vouchers > F9: Purchase.

3. Enter Basic Information:

Date: Enter the transaction date.
Supplier Invoice No.: Provide the supplier’s invoice number.
Party A/c Name: Select the supplier’s ledger account (configured as Regular – Imports).

4. Add Purchase Items:

Select the relevant stock items representing the imported goods.
Enter the quantities and rates.

5. Set Import Details:

Click F12: Configure.
In the Additional Information window, access Set/Alter Tax Details.
Choose Import of Goods as the Nature of Transaction.
Enter the Port Code and Bill of Entry No. from the customs documents.

6. Calculate and Specify GST:

TallyPrime will automatically calculate the taxable value based on the item rates and quantities.
Include customs duty in the taxable value (add it to the item rate before entering quantity).
Select the applicable IGST rate based on the imported goods.
TallyPrime will calculate the IGST amount automatically.

7. Complete the Voucher:

Select the Payment Ledger if you’ve made a payment.
For credit purchases, choose the relevant Outstanding Liability Ledger.
Press Enter to save the voucher.

Additional Notes:

Verify that the item rates include customs duty for accurate tax calculations.
Maintain proper documentation like customs clearance documents and commercial invoices.
Consider using the Narration field to mention details like specific import permissions or licenses.
Reconcile your GST return data with TallyPrime records to ensure accuracy.

By following these steps, you can effectively record import transactions in TallyPrime, ensuring proper tax calculations, reporting, and compliance with GST regulations.

Important Tip:

Consult a qualified tax advisor for guidance on specific import procedures, duty calculations, and GST implications relevant to your business and imported goods. They can help you optimize your TallyPrime setup and ensure accurate record-keeping for import transactions.