Recording transactions of inward supply from unregistered dealers (URDs) in TallyPrime requires following the reverse charge mechanism (RCM). Here’s how to do it:
1. Configure Stock Items and Party Ledgers:
1. Stock Items:
Ensure the stock items purchased from URDs have their Applicable for Reverse Charge option enabled in the stock item master (Gateway of Tally > Create/Alter > Master > Stock Items).
2. Party Ledgers:
Set the supplier’s ledger account to Unregistered 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 (if available).
- Party A/c Name: Select the supplier’s ledger account (configured as Unregistered).
4. Add Purchase Items:
- Select the stock items purchased from URDs.
- Enter the quantities and rates.
5. Apply Reverse Charge:
- Click F12: Configure.
- In the Additional Information window, access Set/Alter Tax Details.
- Choose the applicable Nature of Transaction (e.g., Purchase – Goods – RCM, Interstate Purchase – Goods – RCM).
- Select the Taxable option.
6. Calculate and Specify GST:
- TallyPrime will automatically calculate the taxable value based on the item rates and quantities.
- You need to manually calculate the applicable CGST and SGST/UTGST rates based on the place of supply and current GST regulations.
- Enter the calculated CGST and SGST/UTGST amounts in their respective fields.
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 for Recording Transactions of Inward Supply from Unregistered Dealers (URDs):
- Maintain proper documentation, including purchase bills from URDs and supporting calculations for manual GST entries.
- Consider using the Narration field to mention “Reverse Charge Applicable” for clarity.
- Reconcile your GST return data with TallyPrime records to ensure accuracy.
Important Tips:
- Consult a qualified accountant for guidance on accurate GST calculations and compliance with RCM regulations specific to your industry and location.
- Stay updated on any changes in GST rates or RCM applicability to avoid errors in your TallyPrime records.
By following these steps and considering the additional tips, you can effectively record transactions of inward supply from URDs in TallyPrime, ensuring you fulfill your GST obligations under the RCM mechanism.
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