GST is India's single largest tax reform since independence. GST aims to help replace the federal tax structure with a more unified one to help reduce the cascading tax on tax impact, and remove the barriers to trade across state boundaries.
You can quickly get started with GST in a few easy steps
To record a GST transaction, you have to activate GST and also update or create the required ledgers.
To use Tally.ERP 9 for GST compliance,
1. Activate GST
Note: You can find the list of HSN codes/SAC on the website of the department of revenue.
3. Update or create ledgers as required.
Depending on the business requirements you will need to update the following ledgers, either immediately or later.
● Update stock items, and stock groups to include GST details.
● Update sales and purchase ledgers to use in GST transactions.
● It is recommended that you restart voucher numbering for GST transactions to ensure that unique voucher numbers are used for all your vouchers. If Automatic (Manual Override) is set as the method of voucher numbering, it ensures that unique voucher numbers are set for your vouchers.
● Update party GSTIN/UIN for parties buying from you or selling items to you.
● Create GST tax ledgers to calculate taxes in transactions.
Your company is ready with all the masters. You can use TE9 for transactions.
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