Recording deemed export sales in TallyPrime involves using the “Deemed Export” nature of transaction while considering any specific state-specific requirements.
Here’s a detailed guide:
1. Check Eligibility:
Before proceeding, ensure your state is included in the list of states eligible for treating certain sales as deemed exports.
Common examples include Delhi, Haryana, Maharashtra, etc. You can find this information online or consult a qualified accountant.
2. Configure Stock Items:
- Verify the Taxability setting for sold items is not set to “Exempt” 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 date of the sale.
- Party A/c Name: Select the customer’s ledger account.
- Reference No.: (Optional) Provide an internal reference number for the transaction.
5. Add Sale Items:
- Select the sales ledgers corresponding to the deemed export items sold.
- Enter the quantities and rates for each item.
6. Set Tax Details:
- Click Enter to access tax details.
- Enable Enable Tax Details.
- Nature of Transaction: Choose the appropriate option based on the sale type (Goods, Services, etc.) and your state:
- Deemed Export (Intrastate): For sales within your state eligible for deemed export treatment.
- Deemed Export (Interstate): For interstate sales eligible for deemed export treatment (less common).
- Place of Supply: Indicate “Out of State” for interstate deemed exports.
- HSN/SAC codes: Add relevant codes (mandatory for some industries).
- Tax Details:
- Deemed Export (Intrastate):
- Apply the applicable Intrastate SGST & UTGST rates based on your state regulations.
- TallyPrime will calculate the tax amounts.
- Deemed Export (Interstate):
- If applicable, set Taxability to Nil Rated to avoid IGST calculations (check specific state rules).
- Otherwise, apply the applicable IGST rate.
- Ensure both IGST and Cess (if applicable) are calculated correctly.
- Deemed Export (Intrastate):
7. Optional Configuration:
- Some states might require specific additional details in the tax configuration window. Consult a qualified accountant for state-specific requirements.
8. Save and Print:
- Press Ctrl+A to save the sales voucher.
- Go to Gateway of Tally > Display > Vouchers > Sales Register.
- Select the saved voucher and press Alt+P to print.
Additional Notes while Recording Deemed Export GST Sales in TallyPrime:
- Maintain proper documentation, including invoices, shipping proofs, and state-specific declarations (if applicable).
- Reconcile your GST returns with TallyPrime data for accuracy.
Important Tips:
- Consult a qualified accountant for specific guidance on deemed export procedures, tax applicability, and compliance requirements based on your state and industry.
- Stay updated on any changes in deemed export regulations or tax rates to avoid errors in your TallyPrime records.
- Consider setting up separate sales ledgers specifically for deemed export transactions for easy identification and reporting.
By following these steps and consulting a professional for state-specific details, you can effectively record deemed export sales in TallyPrime, ensuring accurate tax calculations, reporting, and compliance with regulations.
Remember, proper guidance can help you optimize your bookkeeping processes and avoid potential issues in your GST filing.
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