Let’s create stock item for GST. This is almost similar to the normal stock item creation. At the same time stock group and stock categories can be applied to gst stock items if required.
- To create stock item for tax compliance, the first and foremost step is to activate gst in tally. you will get more details from the link.
- Then decide whether you want to setup gst rates & hsn /sac at which level of tally program. If you want to set tax rate at stock level, then you can set it here also. follow the link to know more about rates and hsn code setup.
Now go to gateway of tally
Inventory info>stock item>Create
Select create menu under single option, so that all options are available to you.
Enter the name ,Under group, Units, as shown below.
GST Applicable: Applicable
Set/alter GST Details: Yes
GST details for stock item will appear.
Press F12 Configure button for more options. here you will find
- Allow hsn/sac details: you can hsn ,sac of goods and services which is a mandatory field of gst invoice .
- set type of goods : here you can specify whether taxable under gst or non-gst goods.
- Enable reverse charge calculation : If reverse charge is applicable only applicable for service providers.
- Set ineligible input credit: only if the dealer is not eligible for input credit.
- select valuation type : tax calculation can be set at on value and on item rate.
- Show all tax types: You can view and enter cgst, igst, sgst separately .
after being the activation of all option the screen will look like
Hit enter and save. the configuration screen, you will come back to stock item creation screen. Press Ctrl+A to save and create stock item.