Sales of Goods to Regular SEZ Party in TallyPrime: 3 Easy Steps

In TallyPrime, when an SEZ (Special Economic Zone) dealer sells goods to a regular SEZ party, GST needs to be accounted for correctly to comply with tax laws.

This involves setting up the ledger and recording the transaction. Here’s how you can handle this in detail, with examples:

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1. Steps to Record SEZ Dealer Sales of Goods to Regular SEZ Party in TallyPrime

1. Enable GST in TallyPrime

1. Navigate to Gateway of Tally > F11: Features > Statutory & Taxation.
2. Enable Goods and Services Tax (GST).
3. Set the option Set/alter GST details to “Yes.”
4. Enter your GSTIN and other GST details specific to your business.

2. Create Necessary Ledgers

• Sales Ledger:
  • Go to Accounts Info > Ledgers > Create.
  • Name: SEZ Sales.
  • Group: Sales Accounts.
  • Enable GST: Yes.
  • Set Nature of Transaction: Sales to SEZ with payment of tax or Sales to SEZ without payment of tax, depending on the agreement.
  • Specify the applicable GST rate and HSN code.
• Party Ledger:
  • Name: SEZ Party (e.g., “XYZ SEZ Buyer”).
  • Group: Sundry Debtors.
  • Enable GST: Yes.
  • Specify the party’s GSTIN and location as an SEZ entity.
• Tax Ledgers:
  • Create CGST, SGST, or IGST ledgers as required, specifying the applicable tax rates.
• Stock Item Ledger:
  • Create or modify the stock item(s) being sold.
  • Specify the GST details, including HSN code and applicable tax rate.

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3. Record the Sales Invoice

1. Go to Gateway of Tally > Vouchers > F8: Sales.
2. Select the SEZ Sales ledger.
3. Choose the SEZ Party ledger.
4. Add the stock item(s) being sold and their quantities.
5. GST will automatically calculate based on the setup:
   • For intra-state SEZ transactions, CGST and SGST apply.
   • For inter-state SEZ transactions, IGST applies.

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2. Example of Recording SEZ Dealer Sales of Goods to Regular SEZ Party in TallyPrime

1. Scenario:

An SEZ dealer in Gujarat sells 100 units of a product at ₹1,000 per unit to a SEZ buyer in Maharashtra.

The applicable GST rate is 18%.

2. Steps:

1. Set Up Ledgers:
   • SEZ Sales: Sales to SEZ with payment of tax.
   • IGST Ledger: 18%.
   • Stock Item: Include HSN code and 18% GST.
2. Create Party Ledger:
   • XYZ SEZ Buyer.
   • GSTIN: 27ABCDE1234F1Z5 (SEZ).
3. Record Sales Invoice:
   • Stock Item: 100 units × ₹1,000 = ₹1,00,000.
   • GST Calculation: IGST @ 18% = ₹18,000.
   • Invoice Total: ₹1,18,000.

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3. Benefits of Properly Recording SEZ Transactions in TallyPrime

1. Compliance: Ensures GST laws are adhered to, avoiding penalties.
2. Automation: Simplifies GST calculation and filing through TallyPrime.
3. Audit Readiness: Maintains clear records for tax authorities.

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4. Conclusion

Handling SEZ sales in TallyPrime involves proper setup of ledgers and accurate recording of GST.

By following these steps, businesses can ensure compliance with GST rules while maintaining streamlined operations.