How to Set GST Rates in TallyPrime: 5 Easy Steps

Jan 30, 2024

—

by

Setting GST rates in Tally Prime requires two main steps: configuring the Tax Rate Setup and applying those rates to your Stock Items and Stock Groups.

Here’s a detailed guide:

Table of Contents

1. Accessing the Tax Rate Setup:

Go to Gateway of Tally.
Select Display More Reports > Statutory Reports > GST Reports > GST Rate Setup.

2. Choosing the Master List:

Select the type of master you want to configure GST rates for:
- Stock Items: For individual items you buy or sell.
- Stock Groups: For a group of similar items with the same taxability.
- Ledgers: For specific accounts related to GST transactions.

3. Selecting Masters and Setting Rates:

Use the spacebar to select the specific items or groups you want to configure.
Alternatively, you can filter the list by various criteria like name, group, or HSN code.
In the Tax Rate Setup report, specify the applicable GST rates for each master:
- CGST: Central Goods and Service Tax.
- SGST/UTGST: State Goods and Service Tax or Union Territory Goods and Service Tax (based on location).
- IGST: Integrated Goods and Service Tax (for inter-state transactions).
You can also set different rates for different states or union territories.

4. Additional Options:

Rate Effective Date: Choose the date from which the new rate applies.
Tax Type History: Click Alt+W to view the history of tax rate changes for the selected master.
Set/Alter Tax Details: Press F12 to configure additional details like HSN code, reverse charge mechanism, and cess rates.

5. Saving and Verification:

Press Ctrl+A to save the configured GST rates for the chosen masters.
Verify the updated rates by opening the relevant Stock Items, Stock Groups, or Ledgers and reviewing the GST Details section.

Bonus Tips while Setting GST Rates in TallyPrime:

Use descriptive names and codes for your tax rates to easily identify them later.
Consider creating separate tax rates for different types of goods or services you deal with.
Regularly review and update your GST rates as needed to comply with changing regulations.

By following these steps and considering the additional tips, you can effectively set GST rates in Tally Prime for accurate tax calculations and seamless reporting.