Purchase of Goods from SEZ Party as an SEZ unit in TallyPrime

In TallyPrime, recording the purchase of goods from a Regular-SEZ Party as an SEZ Unit involves specific configurations to ensure compliance with GST regulations.

SEZ (Special Economic Zone) businesses are governed by distinct tax rules, which require accurate representation of inter-SEZ transactions.

---

1. Steps to Record the Purchase of Goods from SEZ Party as an SEZ unit in TallyPrime

1. Configure GST in TallyPrime

1. Navigate to Gateway of Tally > F11: Features > Statutory & Taxation.
2. Enable Goods and Services Tax (GST).
3. Enter the GSTIN of your SEZ business under company details.
4. Set the Registration Type as SEZ.
5. Save the settings.

---

2. Create Ledgers

a. Party Ledger for Regular-SEZ Supplier

1. Go to Accounts Info > Ledgers > Create.
2. Name: ABC SEZ Enterprises (Supplier).
3. Group: Sundry Creditors.
4. Enable GST: Yes.
5. Enter the GSTIN of the SEZ supplier.
6. Registration Type: SEZ.
7. Save the ledger.

b. Purchase Ledger

1. Navigate to Accounts Info > Ledgers > Create.
2. Name: Purchase – SEZ.
3. Group: Purchase Accounts.
4. Enable GST: Yes.
5. Set the Nature of Transaction: Purchases – Exempt (or as applicable based on the transaction).
6. Save the ledger.

---

3. Create Stock Items

1. Navigate to Inventory Info > Stock Items > Create.
2. Name: Product A (or the item name).
3. Group: Assign an appropriate stock group.
4. GST Details:
   • Specify HSN Code.
   • Set the GST Rate (e.g., 0% for exempt items or as applicable).
5. Save the stock item.

---

4. Record the Purchase Invoice

1. Navigate to Gateway of Tally > Vouchers > F9: Purchase.
2. Select the ABC SEZ Enterprises ledger.
3. Enter the details:
   • Stock Item: Select the item being purchased.
   • Quantity: Enter the number of units.
   • Rate: Specify the rate per unit.
   • Amount: Automatically calculated.
4. Add GST Components:
   • If the purchase is exempt: No GST is applied.
   • If applicable, add IGST ledger for inter-state transactions.
5. Save the invoice.

---

2. Example of Purchasing Goods from SEZ Party as an SEZ unit in TallyPrime

1. Scenario

Your SEZ unit purchases 50 units of raw material at ₹2,000 per unit from ABC SEZ Enterprises, a Regular-SEZ Party.

The transaction is inter-SEZ and exempt from GST.

2. Steps

1. Create Party Ledger:
   • Name: ABC SEZ Enterprises.
   • GSTIN: Enter supplier’s SEZ GSTIN.
   • Registration Type: SEZ.
2. Create Purchase Ledger:
   • Name: Purchase – SEZ.
   • GST Nature: Purchases – Exempt.
3. Record Purchase:
   • Item: Raw Material.
   • Quantity: 50 units.
   • Rate: ₹2,000.
   • Total: ₹1,00,000.
   • GST: Exempt, so no GST is applied.
4. Save the voucher.

---

3. Benefits of Purchasing Goods from SEZ Party as an SEZ unit in TallyPrime

1. GST Compliance: Ensures inter-SEZ transactions are correctly recorded.
2. Tax Exemption Handling: Automatically reflects exempt status in reports.
3. Efficient Tracking: Maintains accurate records for purchases from SEZ parties.

---

4. Conclusion

Recording purchases from a Regular-SEZ Party as an SEZ unit in TallyPrime ensures adherence to GST norms and accurate bookkeeping.

The configuration simplifies tax exemption processes and helps maintain seamless inter-SEZ trade documentation.

By following these steps, your business can ensure accurate financial records and compliance with SEZ-specific tax laws.