Mastering GST in Tally Prime: A Complete Guide to Enabling and Managing GST Details

Adding GST details in Tally Prime involves several steps. Below is a comprehensive guide on how to add GST details in Tally Prime:

1. Activate GST Feature: Before adding GST details, ensure that the GST feature is activated in Tally Prime. To activate GST, go to Gateway of Tally > F11: Features > F3: Statutory & Taxation. Set “Enable Goods and Services Tax (GST)” to Yes.
2. Create GST Masters:
   • Ledgers: Create ledgers for GST, including CGST (Central Goods and Services Tax), SGST (State Goods and Services Tax), IGST (Integrated Goods and Services Tax), and GST Payable/Receivable.
   • Tax Types: Set up tax types for CGST, SGST, and IGST under Gateway of Tally > Statutory & Taxation > GST > Set Up Tax Types.
   • Tax Ledgers: Create tax ledgers for CGST, SGST, and IGST under Gateway of Tally > Accounts Info > Ledgers > Create.
3. Enable GST in Company Details: Go to Gateway of Tally > Alt+F3: Company Info > Alter > F3: Statutory & Taxation. Ensure that GST details such as GSTIN (Goods and Services Tax Identification Number), State, and Registration Type are entered correctly.
4. Set GST Rates: Set GST rates for various goods and services. Go to Gateway of Tally > Statutory & Taxation > GST > Set Up GST Rates.
5. Configure GST Details in Sales and Purchase Ledgers:
   • For Sales: Edit the sales ledger (e.g., Sales Account) and set the appropriate GST details like GST Applicability, GST Type (Regular or Composition), Taxability, Tax Type (CGST, SGST, or IGST), and Tax Details.
   • For Purchases: Edit the purchase ledger (e.g., Purchase Account) and set similar GST details as in sales ledger.
6. GST Invoice Configuration:
   • Set up GST invoice formats as per legal requirements. Go to Gateway of Tally > Accounting Vouchers > Alter > F8: Configure. Customize the voucher types such as Sales Invoice, Purchase Invoice, etc., to include GST-related fields like Tax Analysis, Taxable Value, and Tax Amount.
7. Enter Sales and Purchase Transactions:
   • Record sales and purchase transactions with GST details. While entering transactions, ensure that the appropriate GST ledgers are selected, and tax amounts are calculated correctly.
8. Generate GST Reports:
   • Utilize Tally Prime’s built-in GST reports to review tax liabilities, input tax credit (ITC), and other GST-related information. Reports like GSTR-1, GSTR-3B, and GSTR-2A can be generated under Gateway of Tally > Display > Statutory Reports > GST.
9. Reconcile GST Data:
   • Regularly reconcile GST data with the data available on the GSTN (Goods and Services Tax Network) portal to ensure accuracy and compliance.
10. File GST Returns:
    • After reconciling data, file GST returns (GSTR-1, GSTR-3B, etc.) directly from Tally Prime using the integrated GST portal feature.

By following these steps, you can effectively add GST details in Tally Prime and ensure compliance with GST regulations.