Update Sales and Purchase Ledgers for GST
If many items you sell have the same tax rate, specify the tax rate and other GST details in your sales ledger. Similarly, if the items you purchase have the same tax rates, update your purchase ledger.
If you sell items with multiple tax rates, you can maintain a single sales ledger and record all GST details at the stock item or stock group level. Similarly, you can create a single purchase ledger.
The HSN details, tax rate, and type of supply selected in sales and purchase ledger will be applicable to all items or services selected in a transaction where these ledgers are applied. These details specified in the stock items will be overridden in the transaction with the details configured in the sales or purchase ledger.
- Gateway of Tally > Alter > type or select Ledger > Sales.
Alternatively, press Alt+G (Go To) >Alter Master > type or select Ledger > Sales.
- Is GST Applicable – Applicable.
- Set/Alter GST Details – Yes, specify the details in the GST Details screen, and save. Alternatively, you can use a classification to use the tax details defined in the classification. The Classification field appears only when the option Enable GST Classifications is set to Yes in the Company GST Details screen.
- Taxability: Select Taxable, if sales ledger is used for supply of goods and services that are classified as taxable under GST. Select Exempt, if it is used for sale of type of supply that is exempted from tax under GST, or select Nil Rated, if it is used for sale of goods or services that attract 0% tax rate under GST.
- To view the history of tax rate changes, press Alt+W (Details).
- Select the Type of supply. By default the Type of supply is set to Services.
- Accept the screen. As always, you can press Ctrl+A to save.
- Gateway of Tally > Alter > type or select Ledger > Purchase.
Alternatively, press Alt+G (Go To) >Alter Master > type or select Ledger > Purchase.
- Follow the steps used for updating the sales ledger, with the nature of transaction and rates for purchase.