Tag: TallyPrime Tutorial

How to Update New GST Rates in TallyPrime – Step-by-Step Guide for 2025

With recent changes in GST rates across India, businesses must ensure their accounting and invoicing software reflects the updated rates. TallyPrime, being one of the most widely used accounting solutions, allows users to quickly update GST rates for ledgers, stock items, and stock groups.

This guide explains how to update new GST rates in TallyPrime, with examples, tables, and FAQs to make the process seamless for businesses.

Why Updating GST Rates in TallyPrime Is Important

Ensures accurate billing and GST calculations.
Prevents tax compliance errors while filing returns.
Helps businesses adjust pricing based on new tax slabs.
Keeps accounting records consistent with government notifications.

Step 1: Enable GST in TallyPrime

Open your company in TallyPrime.
Press F11: Features → F3: Statutory & Taxation.
Set Enable Goods and Services Tax (GST) to Yes.
Configure your GST Type (Regular/Composition) and State details.
Press Ctrl + A to save.

✅ Tip: If GST is already enabled, skip this step and directly update the rates.

Step 2: Update GST Rates for Ledgers

Go to Accounts Info → Ledgers → Alter.
Select the ledger (e.g., “IPL Ticket Sales”, “Product Sales”).
In the GST Details section:
- Set GST Applicable to Yes.
- Select Tax Type: CGST/SGST or IGST.
- Update the Rate of Tax to the new GST rate (e.g., 40%).
Press Enter to save.

Step 3: Update GST Rates for Stock Items

Go to Inventory Info → Stock Items → Alter.
Select the stock item to update.
In GST Details:
- Set GST Applicable to Yes.
- Update the Rate of Tax to match the new GST slab.
Press Ctrl + A to save.

Step 4: Update GST Rates in Stock Groups (Optional)

Go to Inventory Info → Stock Groups → Alter.
Select the stock group and update GST Details.
Save changes to apply GST rates to all items in the group.

✅ Tip: This is useful if multiple items share the same GST rate.

Step 5: Verify GST Updates in TallyPrime

Check Area	How to Verify	Purpose
Ledger Invoice	Create a sample sales invoice	Ensure correct GST is applied
Stock Item Invoice	Create invoice using updated stock item	Check GST calculation
GST Reports	Display → Statutory Reports → GST Reports	Confirm updated rates reflect in reports

Step 6: Bulk Update GST Rates

Go to GST Rate Setup → Select Multiple Ledgers/Stock Items.
Press Alt + S: Update GST Details.
Choose Specify Details or Predefined GST Classification.
Set Effective Date and save with Ctrl + A.

✅ Tip: Backup your company data before bulk updates to prevent errors.

Common Scenarios and Examples

Scenario	Old GST Rate	New GST Rate	Impact
IPL Tickets	28%	40%	Price increases, invoices need updating
Cement	28%	18%	Reduced tax, billing adjustments required
Solar Panels	18%	5%	Reduced tax, customer invoices reflect lower GST
Digital Services	18%	18%	No change, verify correct ledger classification

FAQs – Updating GST Rates in TallyPrime

Q1. Can I update GST rates for multiple items at once?
A: Yes, using the Bulk Update / GST Rate Setup option, you can change rates for ledgers, stock items, or stock groups simultaneously.

Q2. Do I need to update past invoices?
A: No. The new GST rates apply only to transactions on or after the effective date of the change.

Q3. What happens if I don’t update GST rates?
A: Incorrect GST will lead to tax compliance errors, potentially causing penalties during GST return filing.

Q4. How do I ensure the new GST rates are applied correctly?
A: Generate sample invoices and review GST Reports in TallyPrime to confirm accurate tax calculation.

Q5. Can I update GST rates for stock groups instead of individual items?
A: Yes. Updating stock groups automatically updates the GST for all items within the group, saving time.

Conclusion

Updating GST rates in TallyPrime is crucial for compliance and accurate invoicing. Whether it’s IPL tickets at 40% GST, solar panels at 5%, or cement at 18%, TallyPrime provides easy options to update rates for ledgers, stock items, and groups.

By following this step-by-step guide, businesses can ensure:

Accurate tax calculations
Smooth GST filing
Compliance with new GST regulations

Pro Tip: Always keep a backup of your TallyPrime data before performing bulk GST updates to avoid accidental errors.

September 11, 2025

50 GST Voucher Entries in TallyPrime (With Free Excel Download) – Real-World Accounting Practice

Goods and Services Tax (GST) has transformed the way Indian businesses record and report transactions. TallyPrime—India’s most widely used accounting software—offers built-in GST features to ensure compliance and efficiency. But simply enabling GST is not enough; understanding how to pass accurate voucher entries is what makes you a competent accountant.

In this guide, we’ll explore 50 real-world GST voucher entries with explanations. Whether you are a student, fresher accountant, or business owner, this tutorial will help you:

Practice authentic GST scenarios
Reduce entry errors
Build confidence for audit and filing

A free Excel sheet with all entries is provided for hands-on practice.

Why GST Voucher Practice is Important

Benefit	Explanation
Accuracy in Compliance	Correct vouchers ensure correct GSTR-1, GSTR-3B filings.
Faster Workflows	Familiarity with entry types reduces repetitive mistakes.
Better Decision Making	Accurate books give better insights into sales, purchases, and cash flow.
Audit Readiness	Well-classified vouchers speed up statutory audit.

How GST Works in TallyPrime (Quick Recap)

Enable GST under Features (F11) > Statutory & Taxation.
Set your GSTIN, State, and Registration Type.
Create GST-rated ledgers for Sales, Purchases, and Taxes (CGST, SGST, IGST).
Select the correct Voucher Type (Sales, Purchase, Payment, Receipt, Contra, Journal).
Apply GST Tax Rate at ledger or stock item level.

50 Real-World GST Voucher Entries for TallyPrime

#	Scenario	Voucher Type	Key Ledgers / Accounts	GST Impact
1	Local sale of goods @18% to registered dealer	Sales	Customer, Sales-18%, CGST-9%, SGST-9%	Output GST
2	Local purchase of raw material @5%	Purchase	Supplier, Purchase-5%, CGST-2.5%, SGST-2.5%	Input GST
3	Interstate sale @12% to Maharashtra dealer	Sales	Debtor-MH, Sales-12%, IGST-12%	Output IGST
4	Interstate purchase @18% from Gujarat	Purchase	Supplier-GJ, Purchase-18%, IGST-18%	Input IGST
5	Cash sales under GST composition (no ITC)	Sales	Cash, Sales-Composition	No GST credit
6	Sales return @18% (credit note)	Credit Note	Debtor, Sales Return-18%, CGST-9%, SGST-9%	Reverse Output
7	Purchase return @5% (debit note)	Debit Note	Supplier, Purchase Return-5%, CGST-2.5%, SGST-2.5%	Reverse Input
8	Freight paid on inward goods @5%	Journal / Purchase	Freight Ledger, CGST-2.5%, SGST-2.5%	Input GST
9	Advance receipt from customer ₹50,000 @18%	Receipt	Customer Advance, CGST-9%, SGST-9%	Output GST on Advance
10	Advance payment to supplier ₹1,00,000 @5%	Payment	Supplier Advance, CGST-2.5%, SGST-2.5%	Input GST on Advance
11	Export sale under LUT (zero-rated)	Sales	Debtor-Export, Export Sales-0%	No GST (Zero-rated)
12	Import of goods ₹5,00,000 @18%	Journal / Purchase	Purchase-Import, IGST-18% (Customs)	Input IGST
13	Reverse charge on legal fees @18%	Journal	Legal Fees, CGST-9%, SGST-9%	RCM Payable
14	Reverse charge on GTA services @5%	Journal	Freight-Inward (RCM), CGST-2.5%, SGST-2.5%	RCM Payable
15	Rent paid for office @18%	Journal / Payment	Rent Ledger, CGST-9%, SGST-9%	Input GST
16	Professional consultancy @18%	Journal	Consultancy Ledger, CGST-9%, SGST-9%	Input GST
17	Telephone expense @18%	Journal	Telephone, CGST-9%, SGST-9%	Input GST
18	Insurance premium @18%	Journal	Insurance, CGST-9%, SGST-9%	Input GST
19	Stationery purchased locally @12%	Purchase	Supplier, Stationery, CGST-6%, SGST-6%	Input GST
20	Advertising expense @18%	Journal	Advertisement, CGST-9%, SGST-9%	Input GST
21	Vehicle maintenance @28%	Journal	Vehicle Repairs, CGST-14%, SGST-14%	Input GST
22	Bank charges (GST exempt)	Payment	Bank Charges	No GST
23	Sale of exempt goods	Sales	Customer, Exempt Sales	No GST
24	Purchase of exempt goods	Purchase	Supplier, Exempt Purchase	No GST
25	Discount allowed post-sale (credit note) @18%	Credit Note	Debtor, Discount, CGST-9%, SGST-9%	Reverse Output
26	Year-end GST input credit reversal	Journal	Input CGST/SGST, GST Reversal	Reduce Input
27	Round-off GST adjustment	Journal	Round-Off, CGST/SGST	Minor Adjust
28	Branch transfer under GST (stock)	Stock Journal	Branch A, Branch B, CGST-9%, SGST-9%	Output GST
29	Job-work charges received @18%	Sales	Job Work, CGST-9%, SGST-9%	Output GST
30	Job-work charges paid @18%	Journal	Job Charges, CGST-9%, SGST-9%	Input GST
31	AMC (Annual Maintenance Contract) invoice @18%	Sales	Customer, AMC Income, CGST-9%, SGST-9%	Output GST
32	AMC charges paid @18%	Journal	AMC Expense, CGST-9%, SGST-9%	Input GST
33	Advance adjusted against invoice	Receipt / Sales	Customer Advance, Customer	GST Already Paid
34	ITC mismatch reversal	Journal	ITC Ledger, GST Reversal	Reduce Input
35	E-way bill penalty (no GST)	Payment	Penalty Charges	No GST
36	Cash purchase under RCM from unregistered dealer @5%	Journal	Purchase-URD, CGST-2.5%, SGST-2.5%	RCM Payable
37	Goods given as free sample @18%	Journal	Promotional Expense, CGST-9%, SGST-9%	Output GST
38	Debit note to customer for price revision @18%	Debit Note	Debtor, Sales Adj, CGST-9%, SGST-9%	Output GST
39	Credit note from supplier for price revision @18%	Credit Note	Supplier, Purchase Adj, CGST-9%, SGST-9%	Input GST
40	GST on director remuneration (RCM) @18%	Journal	Directors Fees, CGST-9%, SGST-9%	RCM Payable
41	Purchase of capital goods @18%	Purchase	Supplier, Capital Goods, CGST-9%, SGST-9%	Input GST
42	Sale of fixed asset @18%	Sales	Customer, Fixed Asset Disposal, CGST-9%, SGST-9%	Output GST
43	Export of services (zero rated)	Sales	Debtor-Foreign, Export Services-0%	No GST
44	Import of services (RCM) @18%	Journal	Import Services, CGST-9%, SGST-9%	RCM Payable
45	Interest on delayed payment (no GST)	Journal	Interest Income	No GST
46	Bad debt write-off (already taxed)	Journal	Bad Debt, Debtor	No GST Reversal
47	GST paid via challan	Payment	Electronic Cash Ledger	GST Payment
48	GST refund received	Receipt	Bank, GST Refund	Govt Receipt
49	Opening balance carry-forward of ITC	Journal	ITC Ledger	Opening Input
50	Closing stock valuation (no GST entry)	Inventory / Journal	Closing Stock	No GST

Quick Tips for Using the Table

Tag parties with the correct GSTIN & state code.

Voucher Path in TallyPrime: Gateway > Vouchers > Sales (F8) / Purchase (F9) / Journal (F7)

Always press Alt+A for Tax Analysis before saving.

Download Free Excel Practice Sheet

Prepare like a professional! Our Excel sheet includes:

Columns for Date, Voucher Type, Ledger, Amount, CGST, SGST, IGST, Narration
50 scenarios pre-filled for practice
Space for your own notes

Download GST Voucher Excel Sheet (Free)

gst_voucher_entries Download

Best Practices for Error-Free GST Entries

Match GST Rates: Ensure the stock item / ledger tax rate matches GST law.
Use Correct Voucher Type: Wrong voucher = wrong GST return.
Validate Party GSTIN: Avoid mismatch by storing correct GSTIN in ledger master.
Reconcile Monthly: Cross-verify with GSTR-2B and GSTR-1.

Conclusion

Practicing with real-life entries builds mastery far beyond theoretical knowledge. With TallyPrime and our Excel sheet, you’ll develop speed, accuracy, and compliance confidence. Download the file, start passing vouchers, and watch your GST accounting skills grow.

September 8, 2025