Tally Prime allows you to update a GST service ledger. You must modify your service ledgers to update taxes and other GST details for your service items.
Tally solutions offer GST features for service transactions that attract taxes as well; however, in order to access them, you must first complete the following steps:
- Gateway of Tally> Alter > type or select Ledger > and press Enter.
Alternatively, press Alt+G (Go To) > Create Master > type or select Ledger > and press Enter.
- Is GST Applicable– Applicable.
- Set/alter GST Details– Yes, specify the details in the GST Details screen, and save. Alternatively, you can use a classification to use the tax details defined in the classification.
- Taxability: Select Taxable for goods and services that are classified as taxable type of supply under GST. Select Exempt, if the type of supply is exempted from tax under GST, or select Nil Rated, if the tax rate applicable to the type of supply is 0% under GST.
- To view the history of tax rate changes, press Alt+W(Details).
- To specify further GST-related details, press F12(Configure).
- Select Type of supply as Services.
- Accept the screen. As always, you can press Ctrl+A to save.
- You can use this ledger to bill the services rendered by your business, in Accounting Invoice
We are nearing the end of the GST Configuration process. After setting up the major ledgers that typical transaction requires, we have the common ledgers of expense, income and rounding off that are to be created/updated for accessing GST in Tally prime