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Sales and Purchase Entry in TallyPrime with GST Ultimate Guide

Learn how to manage GST-compliant sales and purchase entries in TallyPrime with this simple, step-by-step guide. Perfect for business owners and accountants, this guide helps you avoid costly mistakes, stay compliant, and streamline your accounting. Explore expert tips, examples, and setup steps to master TallyPrime GST entries today.<br><br>Read more: - https://gseven.in/sales-and-purchase-entry-in-tallyprime-with-gst/

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Sales and Purchase Entry in TallyPrime with GST Ultimate Guide

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  1. Sales and Purchase Entry in TallyPrime with GST: Ultimate Guide Managing GST entries in TallyPrime is not as complicated as it seems if you follow the right steps. Whether you are a small business owner or a new accountant, this guide will help you avoid costly errors and save time. Why should you know about GST entries in TallyPrime? If you are running a business in India, proper GST-compliant accounting is a must. And TallyPrime is one of the easiest and most widely used tools to do that. TallyPrime is used by more than 7 million businesses across India, and GST contributes to more than 160% of the total tax collection in India, making it essential to get it right. A single error in GST entry can lead to penalties of up to ₹25,000 under section 122 of the GST Act. 60% of the small businesses in India face compliance issues because of poor GST documentation. Want to make things easier? Choose GSeven for TallyPrime GST setup and training services.

  2. Step-by-step purchase entry in TallyPrime with GST Step 1: Enable GST in TallyPrime · Open TallyPrime. · Go to F11 (Features) → F3 (Statutory & Taxation). · Set Enable Goods and Services Tax (GST) to Yes. · Enter GST details like GSTIN, state, and registration type. · Press Ctrl + A to save. Firstly, you must also ensure that your company's GSTIN is correct. If not, your input tax credit might be rejected. How to create a purchase ledger? 1. Go to Gateway of Tally → Accounts Info → Ledgers → Create. 2. Name: Purchase @18% GST or Purchase Local/Interstate. 3. Under: Purchase Accounts. 4. Set Inventory values are affected to Yes. 5. Set GST applicable to Applicable. 6. Set Type of supply: Goods or Services. 7. Set GST rate: e.g., 18%, 12%, etc. 8. Press Ctrl + A to save. How to Create a Supplier Ledger 1. Gateway of Tally → Accounts Info → Ledgers → Create. 2. Name: ABC Traders (Supplier). 3. Under: Sundry Creditors. 4. Maintain balances: Yes. 5. Enter the GSTIN of the supplier. 6. Set the State correctly. 7. Press Ctrl + A. How to create an item master? 1. Gateway of Tally → Inventory Info → Stock Items → Create. 2. Name: HP Laptop 15s.

  3. 3. Under: Choose Item Group. 4. Units: e.g., Nos. 5. GST applicable: Yes. 6. Taxability: Taxable. 7. GST rate: 18% (or as per your item). 8. HSN Code: Enter if applicable. How to Record the Purchase Entry? 1. Gateway of Tally → Vouchers → F9: Purchase. 2. Supplier Invoice Number & Date. 3. Party A/c: Select Supplier. 4. Purchase ledger: Select Purchase @18%. 5. Add Stock Item → Enter Quantity and Rate. 6. Add CGST and SGST/IGST as per location. 7. Press Ctrl + A to save. Example: Local Purchase Entry with GST Let’s say you purchased 5 Laptops @ ₹30,000 each from a dealer in your state. ●CGST 9% = ₹13,500 ●SGST 9% = ₹13,500 ●Total GST = ₹27,000 ●Total Amount = ₹177,000 You need to now select: ● Party: ABC Traders ● Purchase ledger: Purchase @18% GST ● Items: HP Laptop 15s ● Taxes: CGST and SGST

  4. Step-by-step sales entry in TallyPrime with GST Create a sales ledger 1. Gateway of Tally → Accounts Info → Ledgers → Create. 2. Name: Sales @18% GST. 3. Under: Sales Accounts. 4. Inventory values: Yes. 5. GST Applicable: Yes. 6. Set GST rate: 18%. 7. Type of supply: Goods. Create Customer Ledger 1. Gateway of Tally → Accounts Info → Ledgers → Create. 2. Name: XYZ Retailer (Customer). 3. Under: Sundry Debtors. 4. Enter GSTIN and state. 5. Save the ledger. How to record the sales entry? · Gateway of Tally → Vouchers → F8: Sales. · Select Customer account. · Sales ledger: Sales @18% GST. · Add the item(s), quantity, and rate. · Add CGST and SGST or IGST. · Enter narration like “Sold 5 HP laptops to XYZ Retailer”.

  5. · Press Ctrl + A. Example: Interstate Sales Entry with GST Selling 5 laptops @ ₹30,000 to a customer outside your state: ●IGST 18% = ₹27,000 ●Total Sale = ₹177,000 Tax entries will be: ● Ledger: Sales @18% ● Tax: IGST @18% Mistakes to avoid Avoid missing or incorrect GSTIN in ledgers, do not use wrong tax ledgers like CGST instead of IGST. One more mistake that you must avoid is not enabling GST in features and forgetting to update the codes. Useful shortcuts in TallyPrime Shortcut Function F11 Enable Features Alt + F3 Switch company Ctrl + A Save voucher or ledger F8 Sales Voucher F9 Purchase Voucher Alt + C Create Ledger on the f Also Read: Tally Shortcut Keys F1 to F12: Functions and Usage

  6. Conclusion Recording purchases and sales entries in TallyPrime with GST doesn't have to be stressful. Businesses using Tallyprime with correct GST setup reduce manual work by 50% and also cut filing errors by at least 70%. With the right setup and clear process, you can easily maintain proper records, claim accurate ITC and also stay compliant with ease. Want to upgrade to the latest TallyPrime version? If yes, connect with experts at GSeven today. Website: https://gseven.in/ Email Id: contact@gseven.in

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