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

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:

SupplyGST ApplicableType of SupplyEligibility for ITCExamples
NIL Rated0%Everyday itemsNoGrains, Salt, Jaggery, etc.
ExemptedBasis essentialsNoBread, Fresh Fruits, Fresh Milk, Curd etc.
Zero Rated0%Overseas supplies, Supply to Special Economic Zones (SEZ) or SEZ DevelopersYes
Non- GSTSupplies for which GST is not applicable but can attract other taxesNoPetrol, 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.

 Setting Nil-Rated & Exempted items and Goods :

85

Transactions:

Sold the following items in Cash which are Nil Rated and Exempted

Name of itemsQuantityRateValue 
Moong Dal50 Kg.1005000(Nil Rated)
Salt20 kg.30600  (Nil Rated)
Bread48 Pcs.251200(Exempted)
Fruits10 Kg.1251250(Exempted)
  Total8050 

Sale Invoice of above goods are given below :

135

GST Details of the above invoice :

When you Press Ctrl + I (More Details) and select GST – Tax Analysis from Additional Details and Press Alt + F1 for Details…you will see the GST Analysis as below by default.

136

Call Now ButtonCall me...09437264738
error: Content is protected !!