Recording export sales in TallyPrime involves specific steps to ensure accurate tax information and GST compliance.
Here’s a detailed guide:
1. Configure Stock Items:
- Ensure stock items exported have “Taxability” set to “Nil Rated” in the stock item master (Gateway of Tally > Create/Alter > Master > Stock Items).
2. Create a Sales Voucher:
- Go to Gateway of Tally > Accounting Vouchers > F8: Sales.
3. Enter Basic Information:
- Date: Enter the sales date.
- Party A/c Name: Select the customer’s ledger (ideally dedicated for exports).
- Reference No.: (Optional) Include an internal reference number.
4. Add Sale Items:
- Select the sales ledger corresponding to the exported items.
- Enter quantities and rates, ensuring “Nil Rated” in the taxability column.
5. Set Tax Details:
- Click Enter to access tax details.
- Enable Enable Tax Details.
- Nature of Transaction: Choose “Export” (or similar option).
- Place of Supply: Select “Out of State” for interstate exports.
- HSN/SAC codes: Add relevant codes (mandatory for some industries).
- Taxability: Set as “Nil Rated”.
- Provide GST details: Click this option and enter necessary export details like port of shipment, shipping bill number, etc. (if applicable).
6. Optional Configuration:
- Some states might require specific additional details in the tax configuration window. Consult a qualified accountant for state-specific requirements.
7. 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 (if needed).
Additional Notes while Recording Export Sales under GST 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 export procedures, tax applicability, and compliance requirements based on your state and industry.
- Stay updated on any changes in export regulations or tax rates to avoid errors.
- Consider setting up separate sales ledgers specifically for export transactions for easy identification and reporting.
Remember, accurate record-keeping and compliance with GST regulations are crucial for export businesses.
Seeking professional advice can help you optimize your processes and avoid potential issues in your GST filing.
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