Apply GST Rate & HSN/SAC Details in Stock Group in TallyPrime

Applying GST rates and HSN/SAC details to a Stock Group in TallyPrime allows businesses to maintain uniformity across all stock items under that group.

It ensures consistency, compliance with GST regulations, and automates GST rate application for transactions involving stock items.

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1. Why Apply GST Rates and HSN/SAC to Stock Groups in TallyPrime?

1. Streamlining GST Compliance: Ensures all stock items within a group adhere to a single GST rate and HSN/SAC classification.
2. Efficient Configuration: Saves time by setting GST details for the group instead of individual items.
3. Error Prevention: Minimizes manual errors in transactions.

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2. Steps to Apply GST Rates and HSN/SAC to Stock Groups in TallyPrime

1. Enable GST in TallyPrime

1. Go to Gateway of Tally > Features (F11) > Statutory & Taxation.
2. Enable GST, and provide your company’s GST details.

2. Open or Create a Stock Group

1. Navigate to Gateway of Tally > Inventory Info > Stock Groups.
2. Select an existing stock group or create a new one.

3. Configure GST Details for the Stock Group

1. In the stock group creation or alteration screen, enable Set/Alter GST Details.
2. Provide the following details:
   • Nature of Goods: Define the category of goods, such as raw material, finished goods, or trading goods.
   • Taxability: Choose whether the goods are taxable, exempt, or nil-rated.
   • GST Rates: Enter the applicable rates (e.g., CGST, SGST, or IGST).
   • HSN Code: Enter the HSN (Harmonized System of Nomenclature) code for the goods.
3. Save the configuration.

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3. Example of Applying GST Rate and HSN/SAC Details in Stock Group in TallyPrime

Scenario:
A business sells electronic gadgets like mobile phones.

All items in the Electronics stock group attract 18% GST (9% CGST + 9% SGST) with HSN code 8517.

Steps:

1. Open the Electronics stock group.
2. Enable Set/Alter GST Details.
3. Enter the following:
   • Nature of Goods: Trading Goods.
   • Taxability: Taxable.
   • HSN Code: 8517.
   • GST Rates: 9% CGST, 9% SGST.
4. Save the stock group. All stock items under the Electronics group now inherit the GST details.

1. Record a Purchase Entry

1. Purchase 10 mobile phones for ₹50,000 from a supplier.
2. Select a stock item from the Electronics group.
3. TallyPrime automatically applies the GST rate (18%) and HSN code (8517).

2. Check the GST Reports

• View the GST Computation Report to verify tax details for the transaction.

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4. Benefits of Applying GST to Stock Groups in TallyPrime

1. Automation: Reduces repetitive configuration for each stock item.
2. Consistency: Ensures all items in the group have uniform GST rates and HSN codes.
3. Accuracy: Prevents errors in transactions and reports.
4. Time-Saving: Eases the process of GST compliance and reporting.

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5. Conclusion

Configuring GST rates and HSN/SAC details at the stock group level in TallyPrime is a powerful feature for businesses handling multiple stock items.

It ensures compliance, enhances accuracy, and significantly reduces the time spent on manual entries.

By automating the GST application for grouped items, businesses can focus more on operational efficiency and less on administrative tasks.