How to Record Nil Rated GST Sales in TallyPrime: 6 Easy Steps

Feb 9, 2024

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by

Rishit Shah

in GST in Tally, Intermediate

Here’s how to create nil-rated GST sales in TallyPrime:

Table of Contents

1. Configure Stock Items:

Ensure Taxability for the items sold is 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 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.

4. Add Sale Items:

Select the sales ledgers corresponding to the nil-rated items sold.
Enter the quantities and rates for each item.

5. Set Tax Details:

Click Enter to access tax details.
Enable Enable Tax Details.
Nature of Transaction: Choose the appropriate type based on the sale (Goods, Services, etc.).
Place of Supply: Indicate if applicable for interstate transactions.
HSN/SAC codes: Add relevant codes (mandatory for some industries).
Tax Details:
- Set Taxability to Nil Rated.
- This automatically removes any CGST, SGST/UTGST, or IGST calculations, reflecting a nil tax value.

6. 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 Nil Rated GST Sales in TallyPrime:

Ensure your customer’s ledger account has correct Registration Type and other relevant settings.
Verify nil-rated items don’t have tax amounts included in their stock rates.
Maintain proper documentation for sales invoices and supporting documents.
Regularly reconcile your GST returns with TallyPrime data for accuracy.

Important Tips:

Consult a qualified accountant for specific guidance on recording nil-rated sales based on your business nature and applicable GST regulations.
Understand the difference between nil-rated and exempt supplies for accurate recording and reporting.
Consider using custom invoice templates in TallyPrime for professional presentation, ensuring the nil-rated nature is clearly mentioned.

By following these steps and tips, you can effectively record nil-rated GST sales in TallyPrime, ensuring compliance with regulations and accurate financial data management.

Remember, seeking professional advice can significantly benefit your business by maintaining correct tax treatment and avoiding potential penalties.