GST Classification in TallyPrime
GST Classification is a powerful tool for recording tax rates and other details for categories of goods and services that attract a common GST rate.
For example, you can create a GST Classification based on a particular HSN/SAC. When this classification is used in relevant masters and transactions, the tax details of the goods or services will be automatically captured. In the future, if the department changes the tax rate for any HSN, then you can simply alter the GST Classification and assign the new rate.
Moreover, you can create GST Classifications for an accounts-only company as well. Depending on the grouping used for GST Classification, you can tag them to Sales, Purchase, Services, and Income & Expense ledgers.
Create/Alter GST Classification Based on HSN/SAC
- Press Alt+G (Go To) > Create/Alter > GST Classification.
The GST Classification Creation/Alteration screen appears. - Specify the relevant details under the HSN/SAC & Related Details and GST Rate & Related Details sections.
- In the HSN/SAC & Related Details and GST Rate & Related Details fields, select the Specify Details Here option.
- Specify the applicable HSN/SAC and Description.
- Specify the applicable GST Rate.
- Press Ctrl+A to save the details.
Now you can use the created classification to update the rates in other masters, transactions, or reports, as needed. You also have the flexibility to apply the GST classification for multiple masters using the GST Rate Setup report.
If you are on a previous release of TallyPrime, then click here to know more about creating GST Classifications based on HSN/SAC.
Create/Alter GST Classification for Cess Based on Quantity or Value
- Press Alt+G (Go To) > Create/Alter > GST Classification.
The GST Classification Creation/Alteration screen appears. - Specify the relevant details under the HSN/SAC & Related Details and GST Rate & Related Details sections.
- In the HSN/SAC & Related Details and GST Rate & Related Details fields, select the Specify Details Here option.
- Specify the applicable HSN/SAC and Description.
- Specify the applicable GST Rate.
- Specify the Cess Valuation Type, Cess Rate, and per Unit rate.
- Press Ctrl+A to save the details.
Now you can use the created classification to update the rates in other masters, transactions, or reports, as needed. You also have the flexibility to apply the GST classification for multiple masters using the GST Rate Setup report.
If you are on a previous release of TallyPrime, then click here to know more about creating GST Classifications for cess.