GST-related accounting requires appropriate configuration of company information, tax details, ledgers, products or services, and transactions. TallyPrime can be configured to maintain GST-related records and generate relevant reports.
Before recording GST transactions, the company should be configured with the GST information applicable to the business. The required configuration depends on the business’s registration status, transaction types, and applicable GST requirements.
Where applicable, relevant GST registration information should be entered accurately in the company configuration. Users should verify the information before recording transactions.
Tax-related ledgers are used to record applicable GST components. These ledgers should be created and configured according to the business’s actual tax requirements.
HSN is used for classification of goods, while SAC is used for classification of services. Appropriate classification can be important for invoices and GST-related reporting.
GST-related purchase transactions should contain the appropriate supplier, goods or service, taxable value, and applicable tax information. The exact tax treatment should follow the current applicable GST rules.
GST-related sales transactions should include appropriate customer, goods or service, taxable value, and tax information. Users should verify the transaction before saving it.
Depending on the transaction and applicable requirements, tax invoices may contain information such as supplier details, customer details, invoice number, date, item or service information, taxable value, and applicable tax information.
Learners will understand the basic workflow for configuring GST-related accounting information and recording GST transactions in TallyPrime.