To record GST composition transactions, you have to activate GST and also update or create the required ledgers.
To use Tally.ERP 9 for GST compliance,
Note: You can find the list of HSN codes/SAC on the website of the department of revenue.
3. Update or create ledgers as required.
Depending on the business requirements you will need to update the following ledgers, either immediately or later.
● Update stock items to include GST details.
● Update sales and purchase ledgers to use in GST transactions.
● Create GST tax ledgers to calculate taxes in transactions.
● Create income and expense ledgers to distribute the expenses and incomes against items appropriately.
● Create discount ledger to use it for calculating and applying discount in the invoice.
Your company is ready with all the masters.
Your company is ready with all the transactions.
Your email with the article link has been sent.