Here’s how to record nil-rated GST purchases in TallyPrime:
1. Open a Purchase Voucher:
- Go to Gateway of Tally > Accounting Vouchers > F9: Purchase.
2. Enter Basic Information:
- Date: Enter the date of the purchase invoice.
- Supplier Invoice No.: Provide the invoice number from your supplier.
- Party A/c Name: Select the supplier’s ledger account.
3. Add Purchase Items:
- Select the relevant purchase ledger accounts (e.g., Raw Materials, Goods, Expenses) under the Particulars column.
- Enter the Quantities and Rates for each item purchased.
4. Set Tax Information:
- When prompted for GST details, do not select any tax types (CGST, SGST/UTGST, IGST). Leave this section blank.
5. Complete the Voucher:
- Select the appropriate Payment Ledger (e.g., Cash, Bank) if you’ve made a payment.
- For credit purchases, choose a relevant Outstanding Liability Ledger (e.g., Creditors).
- Press Enter to save the voucher.
Additional Notes while recording Nil Rated Purchases in TallyPrime:
- Ensure the purchase ledger accounts you select for nil-rated items have their Taxability set to Nil Rated in the ledger master (Gateway of Tally > Create/Alter > Master > Ledgers).
- TallyPrime will not calculate any GST amount for nil-rated purchases.
- The voucher will reflect the purchase value without any tax added.
- Remember to maintain proper documentation for nil-rated purchases, including purchase invoices and relevant supporting documents.
By following these steps, you can accurately record nil-rated GST purchases in TallyPrime, ensuring transparency and proper record-keeping for your business transactions.
Important Bonus Tip:
- Utilize the Narration field in the purchase voucher to briefly mention “Nil Rated Purchase” for clarity and ease of identification.
Leave a Reply