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Set Up Stock Items for GST

Whether you have one or more stock items, you can define the GST applicability and provide the necessary GST details in the stock items. If you have multiple stock items, it is recommended that you define the GST Rate and HSN SAC details in each stock item or corresponding stock groups.  

• Create your stock items, with appropriate units.

Configure stock item for GST computation

1. Set GST applicability to Applicable.
2. Set the HSN and GST Rate details, as required.
   This is applicable, if you want to set the HSN/SAC and GST Rates to be picked from the Stock items. If you maintain stock items with the same details under different Stock Groups, you can define these GST details directly in the respective Stock Groups.
3. Validate the HSN/SAC details with the Portal details, if needed.

Configure stock item for RCM calculation

1. Press F12 (Configure) > set Enable Reverse Charge calculation to Yes.
2. Set Applicable for Reverse Charge to Yes. 
   For TallyPrime 2.1 & earlier, set Is reverse charge applicable to Yes.

Configure stock item for ITC claim eligibility

1. Press F12 (Configure) > set Eligible for Input Tax Credit to Yes.
2. Set Eligible for ITC as Yes.
   

Configure stock item for slab-based tax calculation

1. Under GST Rate & Related Details, select Slab-Based Rates.
2. In the Slab-Based Tax Rate Details screen, enter the slab and rate details.
   1. Slab-wise Item Rate: Enter the item value range – for example, greater than 0 up to 1000 for which the tax rate is 5%.
   2. Select Taxability Type as Taxable, and specify the GST Rate – say 5%.
   3. Enter the next Slab-wise Item Rate – for example, greater than 1000 up to 2000 for which the tax rate is 12%.
   4. Select Taxability Type as Taxable, and specify the GST Rate – say 12%.
      During voucher entry, items worth any value up to 1000 will attract 5% GST whereas items worth greater than 1000 up to 2000 will attract 12% GST.
3. For tax calculation based on MRP under slab-based rate, set Consider MRP while calculating slab-based tax rate to Yes.
   Setting the option to No will calculate tax based on item rate as per the slab.
4. For slab rate calculation with apportioned expense ledger value
   1. Press F12 (Configure) and set Include GST expenses/incomes to calculate the slab-based tax rate to Yes.
   2. Set Include GST expenses/incomes to calculate the slab-based tax rate to Yes.

Configure stock item with MRP for GST calculation

This is applicable, if your stock items have different slab rates and you want to consider MRP for calculation of GST rate under the slab rate.

1. Press F12 (Configure) > set Provide MRP details to Yes.
2. In the stock item screen, enable Set/Alter MRP details to Yes. 
3. In the MRP Details screen:
   1. Allow MRP modification in voucher: Set this option to Yes, if you want to modify the MRP during the transaction.
   2. Enter the MRP Rate.
4. Set the applicability date for MRP.

Configure stock item for mixed supply

1. Press F12 (Configure) and enable the following options:
   • Provide Descriptions for Stock Items
   • Set Components List (Bill of Materials) in Stock Items
2. Under Description, add the item details.
3. Enable Set components (BOM) and add items that are part of the combo kit.
   
4. Enter the HSN/SAC and GST Rate of the item which has the highest tax rate among the combo.
   
   For TallyPrime 2.1 & earlier, enable Set/Alter GST Details and enter the HSN/SAC and Tax Type of the item with the highest tax rate.