Update GST for Stock Items and Groups in Tally.ERP9

GST details for Stock Items and Groups and at Company level can be updated in Tally.ERP9. You can create/update GST for groups if you have multiple items falling under the same tax slab by adding multiple items to the groups. Create/update GST for Stock Items is used when you want to set GST rates for Stock Items individually. In the previous chapter How to activate GST in Tally.ERP9, we have learned how to enable GST details at company level. It was applicable for those companies which deals in the items having single tax slab only.

If the stock item have different GST Tax rates,  then update your stock item masters or stock groups with the appropriate GST Tax rates.  As per GST Council recommendations GST rates may vary from time to time so we may need to update GST for Stock items and Groups.

Update stock items

When you need to setup different tax rates for different items, modify the stock items to include the applicable tax rates. The process to update stock items is as under-

1. Go to Gateway of Tally > Inventory Info. >select Stock Items > select Alter > select the item.
2. go to Set/alter GST Details : enter Yes to change the GST details  in the GST Details screen, and save.

   

       3.   Taxability : Select the option  Taxable from the drop down options

Here  Exempt means that the type of supply is exempted from tax under GST, or select Nil Rated  , if current tax rate applicable  is 0% under GST.

Integrated Tax : The integrated tax, which is composite of  state tax and central tax are calculated as half of the integrated tax specified. You can change integrated tax, and manage other GST details by pressing  F12 function key to configure.

Select Integrated tax 12% in this case.

4.  Select the Type of supply .

5.   Press Ctrl+A to save.

When you use multiple stock items having different tax rate in a single voucher / invoice then the tax rates of the items do not interfere with the other.

Note: Apparels or clothing and GST rate for it is at 5% if the values of the goods does not exceed Rs 1000, and 12% if it exceeds Rs 1000.

Setting slab Rate Calculations for GST(tax on item rate)

To set slab rate calculations

1. Go to Gateway of Tally > Inventory Info. > select Stock Items >select  Alter > select the item.
2. Set/alter GST Details – Yes .
3. Calculation type – On Item Rate .
4. set the  Consider additional expense/income ledger for slab rate calculation – option to Yes 
5. Under Rate , set the slab rates calculation in Greater than and Up to .
6. Set up the values for the Tax Type and Integrated Tax Rate as per actual. The CGST and SGST will get automatically calculated.

The Tax on Item Rates screen appears.

Press Ctrl+A to accept the GST Details screen to Save the all the details filled  in the Stock Item Alteration screen.

Update Stock groups

When there is the same tax rates for the items in  stock groups, then you can modify the stock group to include tax applicability and rates.

1.Go to Gateway of Tally > Inventory Info. >select  Stock Groups > select Alter > select the group.

3. Set/alter GST Details: select Yes to define the changes in the GST Details screen , and save.

 

3. 

4. Press Ctrl+A to save.

Non-GST Goods

Some goods such as petroleum crude, high-speed diesel, motor spirit (petrol), natural gas, aviation turbine fuel, and liquor fit for human consumption, are not covered under GST and hence are classified as non-GST goods. In Tally.ERP 9, you can set items  as non-GST goods.

1. To configure Non-GST goods, press F12 function key to make configuration changes for GST Stock groups and items.
2. Enable the option Set type of goods?
3. Press Ctrl+A to accept.
4. Change the option under Is non-GST goods? to Yes  on the GST Details window to set the items/group as non-gst Goods.
5. Press Ctrl+A to accept.
6. Save the item or group master.

Setting MRP details

In order to get  the MRP  of a stock item in the invoice, you have to put  the Max Retail Price  in the stock item master.

1. Press F12 Function Key to  Configure the Stock Items, on the stock item Alteration screen.
2. set the – Allow MRP/Marginal for stock item? – Yes .
3. Press Ctrl+A to accept.

To enter the MRP for the stock item

1. Go to the Stock Item Alteration screen, by selecting Gateway of Tally > Inventory info > Stock Items > Alter > Set  Set/alter MRP details?  – to Yes
2. In the MRP Details screen:

       3. To modify the MRP during the transaction set the – Allow MRP modification in voucher? –  to Yes .

       4.  if you want that the MRP of a stock item should be considered for GST rate calculation when GST  slab rates are applicable. In this case, the tax amount still gets calculated on the selling price of the item Consider MRP for calculation of GST rate in Slab rate? – Set this to Yes

5.   Enter the MRP Rate/Margin .

6. Press Ctrl+A to accept the Stock Item Alteration screen,  to save the settings.

Mapping UoM to UQC

1. Go to Gateway of Tally > Inventory Info. > Stock Items > Alter > select the item.
2. Press function key F12 , and set up the option Use alternate units for stock items? to Yes , to map alternate units to the reporting Unit Quality Code.
3. Select the unit.
4. In Alternate units , you need to select the unit available  or press the key Alt+C to create a new unit.

5.   In the Unit Creation screen, select the Unit Quantity Code (UQC) from the List of UQCs .

6.  Press Ctrl+A to accept.

7.  The Stock Item Alteration screen would appear, you can  select the Reporting UQC .

8.  Press Ctrl+A to accept.

In this chapter we have learnt about the How to update the GST for Stock items and Groups , 

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PS: Tally.ERP9 is a comprehensive software by Tally Solutions, Simple easy to use, It is best suited for  Accounting, Inventory and Payroll management and fully complaint with Goods and Services Tax.