How to Record GST SEZ Purchases in TallyPrime: 6 Easy Steps

Feb 3, 2024

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by

Rishit Shah

in GST in Tally, Intermediate

Here’s a step-by-step guide on recording GST SEZ purchases in TallyPrime:

Table of Contents

1. Company Registration:

Ensure your company is registered for GST and identified as a Regular – SEZ business in TallyPrime.
Access Gateway of Tally > F11: Features > Statutory & Taxation > GST Details.
Set the registration type to Regular – SEZ.

2. Party Ledger Configuration:

Open the ledger account of the supplier located in the SEZ.
Click Ctrl+I or More Details.
Under Additional Details, access Set/alter GST Details.
Set the Registration type to Regular – SEZ.
Choose the appropriate State based on the SEZ location.
Save the updated information.

3. Create Purchase Voucher:

Go to Gateway of Tally > Accounting Vouchers > F9: Purchase.
Enter the usual purchase information like date, supplier invoice number, etc.
Select the supplier’s ledger account (configured as Regular – SEZ).

4. Add Purchase Items:

Choose the relevant purchase ledger accounts for the purchased items.
Enter quantities and rates.

5. Set GST Details:

1. Local Purchase:

If the purchase is from an SEZ unit located in the same state as your company, do not select any tax types (CGST, SGST/UTGST, IGST). Leave this section blank.
TallyPrime will not calculate any GST, reflecting the purchase value without tax.

2. Interstate Purchase:

If the purchase is from an SEZ unit in a different state, select IGST with the applicable rate.
Enter the IGST amount manually based on the purchase value and rate.
Remember, you cannot claim input tax credit (ITC) for IGST paid on such purchases.

6. Complete the Voucher:

Select the payment ledger if you’ve made a payment.
Choose the relevant outstanding liability ledger for credit purchases.
Press Enter to save the voucher.

Additional Notes while Recording GST SEZ Purchases in TallyPrime:

Maintain proper documentation for SEZ purchases, including invoices and any supporting documents.
Regularly reconcile your GST returns with TallyPrime data to ensure accuracy.
Consult a qualified accountant for specific guidance on recording SEZ transactions based on your business nature and applicable regulations.

Important Points to Remember:

Accurately identifying local and interstate SEZ purchases is crucial for proper tax treatment.
Understanding your ITC eligibility for SEZ transactions helps manage your tax liabilities effectively.

By following these steps and considering the additional notes, you can efficiently record GST SEZ purchases in TallyPrime, ensuring compliance and accurate financial reporting.