Sale of ‘Nil-Rated’ , ‘Exempted’, Supplies using TallyPrime 4

With the introduction of GST, the goods and services have been classified into Nil Rated, Exempted, Zero Rated and Non-GST supplies. The Purchase or Sales of these goods to a local or interstate customer does not attract GST, and can be recorded using a Purchase / Sales voucher.  Let us take a look at what distinguishes each of them with some examples:

Supply GST Applicable Type of Supply Eligibility for ITC Examples
NIL Rated 0% Everyday items No Grains, Salt, Jaggery, etc.
Exempted Basis essentials No Bread, Fresh Fruits, Fresh Milk, Curd etc.
Non- GST Supplies for which GST is not applicable but can attract other taxes No Petrol, Alcohol etc.

In case of above Items and Goods , the option Nil Rated / Exempt has to be selected as the Taxability in the GST Details screen of the item or  item group master.

1. Creating Nil-Rated & Exempted items and Goods :

[96-A-Inventory Management using TallyPrime-4]

[Practical Assignment]
[Sale of ‘Nil-Rated’ , ‘Exempted’, Items & Goods]

Transactions:

Sold the following items in Cash which are Nil Rated and Exempted  dated 30/08/2024

Name of items Quantity Rate Value  
Moong Dal 25 Kg. 220 5,500 (Nil Rated)
Salt 20 kg. 40 800 (Nil Rated)
Bread 15 Pcs. 50 750 (Exempted)
Fruits 10 Kg. 250 2,500 (Exempted)
      9,550  

Sale Invoice of above goods are given below :

[97-Inventory Management using TallyPrime-4]

GST Details of the above invoice :

When you Press Press ALT+A to display GST-Tax Analysis Directly  [ OR Press Ctrl + O (Related Reports) and select GST – Tax Analysis from Additional Details] and Press Alt + F1 or Alt+F5 for Details…you will see the GST Analysis as below by default.

See also  Interstate (Outside State) Purchase of Services in TallyPrime 4

[98-Inventory Management using TallyPrime-4]

Shopping Cart
error: Content is protected !!
Scroll to Top

Printing Book (Paperback)

Original price was: ₹800.00.Current price is: ₹775.00.Add to cart

e-Book (PDF)-Download

800.00Add to cart

Paperback Printing Book

TallyPrime Book (Advanced Usage)-Rel-4 and 5-Front Cover Page

Original price was: ₹800.00.Current price is: ₹775.00.Add to cart

e-Book (PDF)-Download

800.00Add to cart