Composite supply refers to supplying two or more goods or services bundled together where separating them isn’t feasible in the ordinary course of business.
Recording such transactions in TallyPrime requires specific steps to ensure accurate tax calculations and reporting. Here’s a detailed guide:
1. Identify Principal Supply:
Determine the main or dominant element of the composite supply based on its value or nature. This will identify the applicable tax rate.
2. Configure Stock Items (if applicable):
If the composite supply involves stock items, ensure their “Taxability” is set correctly (Nil Rated, Exempt, or Taxable) in the stock item master (Gateway of Tally > Create/Alter > Master > Stock Items).
3. Create a Sales Voucher:
Go to Gateway of Tally > Accounting Vouchers > F8: Sales.
4. Enter Basic Information:
- Date: Enter the invoice date.
- Party A/c Name: Select the customer’s ledger account.
- Reference No.: (Optional) Provide an internal reference number.
5. Add Sale Items:
- Choose the sales ledger for the principal supply.
- Enter the total value of the composite supply (excluding taxes) in the amount field.
- If needed, add separate ledgers for other components if their taxability differs.
6. Set Tax Details:
- Click Enter to access tax details.
- Enable Enable Tax Details.
- Nature of Transaction: Choose based on the principal supply type (Goods, Services, etc.).
- Place of Supply: Indicate if applicable for interstate transactions.
- HSN/SAC codes: Add relevant codes for the principal supply (mandatory for some industries).
- Taxability: Apply the applicable tax rate based on the principal supply.
- Intra-state: Use CGST & SGST/UTGST rates.
- Inter-state: Use IGST rate.
7. Optional Configuration:
For complex scenarios, consult an accountant or explore TallyPrime options for recording individual components if needed.
8. Separate Tax Accounting (if applicable):
- If taxes on other components need separate accounting, use Journal Vouchers to record:
- Debit: Service Charges ledger (or similar)
- Credit: Tax ledgers with individual rates for relevant components.
9. Complete and Save:
- Press Ctrl+A to save the sales voucher.
- Consider printing the invoice clearly mentioning the composite supply nature and tax details.
Additional Notes to Record Composite Supply under GST in TallyPrime:
Ensure customer ledger settings, documentation, and GST return reconciliation are accurate.
Important Tips:
- Consult a qualified accountant for specific guidance on composite supply treatment, tax rates, and RCM applicability based on your industry and location.
- Understand the specific details and documentation requirements for composite supplies under GST regulations.
- Consider using custom invoice templates highlighting the composite nature and component details for clarity.
By following these steps and incorporating professional advice for your specific situation, you can effectively record sales of composite supply in TallyPrime, ensuring accurate tax calculations, reporting, and compliance with GST regulations.
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