15-Practical Assignment-TallyPrime-Purchase Voucher of Nil-Rated- Exempted Items

TallyPrime Assignment-15 [PURCHASE VOUCHER OF NIL-RATED, EXEMPTED ITEMS]

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 Basic essentials No Bread, Fresh fruits, Fresh milk, Curd, etc.
Zero Rated 0% Overseas supplies, Supply to Special Economic Zones (SEZ) or SEZ Developers Yes
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.

Purchase of ‘Nil-Rated’, ‘Exempted’, Items & Goods 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:

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.
Zero Rated 0% Overseas supplies, Supply to Special Economic Zones (SEZ) or SEZ Developers Yes
Non- GST Supplies for which GST is not applicable but can attract other taxes No Petrol, Alcohol etc.
See also  TallyPrime Assignment-4 [CREATING LIABILITIES / ASSETS LEDGER]

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 :

[82-Practical Assignment-TallyPrime]

Swayam Sales deals the following Nil-Rated / Exempted Items and goods which purchased and sold in his business.

Create the following Items as details given.

EXEMPTED ITEMS (Group) Unit HSN Taxability GST Rate
Moong Dal (Loose) Kg. 0713 Exempted 0%
Salt Kg. 2501 Nil 0%
Bread Pcs 1905 Exempted 0%
Fruits Kg. 0810 Exempted 0%

Transactions:

15-04-2023 Purchase the following items in Cash from Registered Dealer which are Nil Rated and Exempted

Name of items Quantity Rate Value
Moong Dal 70 Kg. 85 5950
Salt 25 kg. 25 625
Bread 60 Pcs. 22 1320
Fruits 20 Kg. 110 2200

Purchase Invoice of above goods are given below :

[83-Practical Assignment-TallyPrime]

Press ALT+A – GST Analysis as below :

[84-Practical Assignment-TallyPrime]

 

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