Update Stock Items and Stock Groups for GST

You have a facility to update stock items and stock groups for GST in TallyPrime. If the items have different tax rates, with or without slab rates, update your stock item masters or stock groups with the applicable GST rates, and select the type of supply, as applicable.

Update Stock Item for GST

In case you need different tax rates for different items, modify the stock items to include the applicable tax rates.

1. Gateway of Tally > Alter > type or select Stock Item> and press Enter.
   Alternatively, press Alt+G (Go To) > Alter Master > Stock Item > and press Enter.
2. Select Stock Item from List of Stock Items.
3. Set the option Set/Alter GST Details to Yes, to specify the details in the GST Details screen, and save.
   
4. Set the Taxability to Taxable, for goods and services that are classified as taxable type of supply under GST. Select Exempt, if the type of supply is exempted from tax under GST, or select Nil Rated, if the tax rate applicable to the type of supply is 0% under GST.
5. When you enter the Integrated Tax rate, the state tax and central tax rates appear automatically.
   

   Note: If you have modified the tax rates before, press Alt+W (Details)to view the history of tax rate changes.

6. Select the Type of supply.
   
7. Accept the screen. As always, you can press Ctrl+A to save.

The type of supply selected for a stock item is applicable only for that item. If multiple items with varying type of supply configuration are selected in an invoice, the type of supply configured for one item is not inferred for another.

Update Stock Group for GST

In case you need the same tax rates for the items in a stock group, modify the group to include tax applicability and rates.

1. Gateway of Tally > Alter > type or select Stock Group > and press Enter.
   Alternatively, press Alt+G (Go To) > Alter Master > Stock Group > and press Enter.
2. Select Stock Group from List of Stock Groups.
3. Set the option Set/Alter GST Details to Yes, to specify the details in the GST Details screen, and save.
   
4. Set the Taxability to Taxable for goods and services that are classified as taxable type of supply under GST. Select Exempt, if the type of supply is exempted from tax under GST, or select Nil Rated, if the tax rate applicable to the type of supply is 0% under GST.
5. When you enter the Integrated Tax rate, the state tax and central tax rates appear automatically.
   
6. Accept the screen. As always, you can 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.

1. In the GST Details screen of the stock item or stock group, press F12 (Configure).
2. Enable the option Set type of goods.
3. Press Ctrl+A to accept.
4. In the GST Details screen, set the option Is non-GST goods to Yes to configure the item/group as non-gst.
5. Accept the screen. As always, you can press Ctrl+A to save.

Set MRP Details

To capture the MRP of stock items in the invoice, you have to enter the MRP details in the stock item master.

1. In the Stock Item Alteration screen, press F12 (Configure) > set Provide MRP Details to Yes.
   If you do not see this option:
   • Set Show more configurations to Yes.
   • Set Show all configurations to Yes.
2. Accept the screen. As always, you can press Ctrl+A to save.

To enter the MRP for the stock item

1. In the Stock Item Alteration screen, enable Set/Alter MRP details.
   
2. In the MRP Details screen:
   • Allow MRP modification in voucher – Yes, if you want to modify the MRP during the transaction.
   • Consider MRP for calculation of GST rate in Slab rate – Set this to Yes if you want the MRP of a stock item to be considered for GST rate calculation when slab rates are applicable. In this case, the tax amount still gets calculated on the selling price of the item.
   • Enter the MRP Rate/Margin.
     
   • Press Ctrl+A to accept.
3. Accept the screen. As always, you can press Ctrl+A to save.

To enter state-wise MRP for the stock item

1. In the MRP Details screen, press F12 (Configure) > set Allow state-wise MRP to Yes.
2. In the MRP Details screen:
   • Enter the Applicable From date.
   • Select the State Name from the List of States.
   • Enter the MRP Rate.
     
   • Accept the screen. As always, you can press Ctrl+A to save.

If the invoice is configured to Provide Rate Inclusive of Tax for Stock Items:

• The MRP defined in the stock item appears as Rate (Incl. of Tax). The MRP appears even when, Standard Selling Price is defined in the stock item master, or Rate per unit is defined in the Price List.
• You can enter the MRP (if not defined in the stock item) in the column Rate (Incl. of Tax).

When the option Provide Rate Inclusive of Tax for Stock Items is disabled in the invoice, the Rate appears:

• As defined in the Price List.
• As per the Standard Selling Price, if price list is not selected.
• As entered in the last voucher recorded on the same or previous date, in the absence of Standard Selling Price or Price List. If you have selected the stock item for the first time, you have to enter the Rate per unit.

Set slab-wise GST details (tax on item rate)

1. Gateway of Tally > Alter > type or select Stock Item> and press Enter.
   Alternatively, press Alt+G (Go To) > Alter Master > Stock Item > and press Enter.
2. Select Stock Item from List of Stock Items.
3. Set/Alter GST Details – Yes.
4. Calculation type – On Item Rate.
   
   The Tax on Item Rates screen appears.
5. Consider additional expense/income ledger for slab rate calculation – Set this option to Yes when you want to apportion additional expenses in slab rate calculation for a stock item.
6. Under Rate, set the slab rates in Greater than and Up to.
7. Set the Tax Type and Integrated Tax Rate. The Central Tax Rate and State Tax Rate will get automatically calculated.
   
8. Accept the screen. As always, you can press Ctrl+A to save.

Map UoM to UQC

1. Gateway of Tally > Alter > type or select Stock Item> and press Enter.
   Alternatively, press Alt+G (Go To) > Alter Master > Stock Item > and press Enter.
2. Select Stock Item from List of Stock Items.
3. In the Stock Item Alteration screen, pressF12 (Configure) > set Provide Units of Measurement (UoM) for Stock Items to Yes and Use Alternative Units to Yes, so that you can map alternate units to the reporting UQC.
4. Select the Units.
5. In Alternate units, select the Units.
   As always, press Alt+C, to create a master on the fly. Alternatively, press Alt+G (Go To) > Create Master > type or select Units > press Enter.
6. In the Unit Creation screen, select the Unit Quantity Code (UQC) from the List of UQCs.
   
7. Press Ctrl+A to save and return to the stock item screen.
   
8. Accept the screen. As always, you can press Ctrl+A to save.