Set Up GST Rates & HSN/SAC in TallyPrime: 2 Steps + Example

1. Understanding GST Rates and HSN/SAC Codes in TallyPrime

1. GST Rates:

These are the tax rates applicable to different goods and services.

They can be Central GST (CGST), State GST (SGST), or Integrated GST (IGST).

2. HSN/SAC Codes:

These are standardized codes used to classify goods and services for GST purposes.

2. Steps to Set Up GST Rates and HSN/SAC Codes in TallyPrime:

1. Create GST Rates:

• Go to Gateway of Tally > Masters > Inventory Masters > GST Rates.
• Press Alt+C to create a new GST Rate.
• Enter the following details:
  • Rate Name: A descriptive name for the rate (e.g., 18% CGST, 18% SGST, 18% IGST).
  • Rate: The actual tax rate.
  • Type of Tax: Select the appropriate type (CGST, SGST, or IGST).
  • Applicable From: The date from which the rate is applicable.
  • Applicable To: The date until which the rate is applicable.

2. Assign GST Rates to Stock Items:

• Go to Gateway of Tally > Masters > Inventory Masters > Stock Items.
• Select the stock item.
• In the “GST Details” section, select the appropriate GST rate.
• Enter the HSN/SAC code for the item.

3. Example of Setting Up GST Rates and HSN/SAC Details in TallyPrime:

Let’s say you have a product “Product A” with an HSN code of 1234 and a GST rate of 18%.

1. Create GST Rate:

Create a GST rate named “18% CGST” and “18% SGST”.

2. Assign GST Rate to Product A:

• Go to the “Product A” master.
• In the “GST Details” section, select the “18% CGST” and “18% SGST” rates.
• Enter the HSN code “1234”.

4. Key Points to Remember while Setting Up GST Rates and HSN/SAC Details in TallyPrime:

1. Accurate HSN/SAC Codes:

Ensure that you use the correct HSN/SAC codes for your products and services.

2. Regular Updates:

Keep your GST rates and HSN/SAC codes updated to comply with the latest GST rules and regulations.

3. Place of Supply Rules:

Understand the place of supply rules to determine the applicable GST rate for your transactions.

4. Reverse Charge Mechanism:

If applicable, configure the reverse charge mechanism in TallyPrime.

5. Export and Import Transactions:

Set up the necessary configurations for import and export transactions, including customs duty and IGST.

By following these steps and keeping your TallyPrime setup up-to-date, you can ensure accurate GST calculations, reporting, and compliance.