Tally ERP is not showing HSN Code in the invoice. Why?

If HSN/SAC is not appearing in Your Invoice

Ensure that you specify both HSN/SAC and tax rates at the same level (Ledger or Group or Stock item or Stock group or Company) in Tally.ERP 9. If you have specified the HSN/SAC for stock items at any one level, do not specify the same at other levels.

When recording a transaction, Tally.ERP 9 looks for tax-related details in the following order: Ledger > Group > Stock item > Stock group > Company

HSN/SAC may not be printed in the invoice if

  • HSN/SAC is entered at the group level, but tax rate is entered at the ledger level
  • HSN/SAC is entered at the stock item level, but tax rate is entered at ledger group or ledger level
  • HSN/SAC is entered at the stock group level, but tax rate is entered at the stock item, stock group, or ledger level
  • HSN/SAC is entered at the company level, but tax rate is entered at another level

To print the HSN/SAC in the invoice, ensure that the tax rate and HSN/SAC are defined at the same level.

Let’s consider the following scenarios:

Scenario 1: If you have stock items attracting a specific tax rate (say 12%) under a stock group and other stock items attracting different tax rates:

  • Provide the HSN/SAC and tax rates applicable for the items with 12% tax rate at the stock group level.
  • Provide the HSN/SAC and tax rates for other stock items individually at the stock item levels.

Scenario 2: If you have entered the HSN/SAC and tax rates at the stock group or stock item level, as well as at the sales ledger level, the HSN/SAC will not be printed in the invoice. In this case, HSN code at the sales ledger level is not needed. To remove the HSN/SAC from the sales ledger:

  • Go to Gateway of TallyAccounts Info. > Ledgers > Alter and set Taxability as Unknown and save the sales ledger.
  • Alternatively, in the Ledger Alterationscreen, press Alt+L to set the Taxability to Unknown in the Tax Rate History screen.

Removing HSN/SAC

If you saved the HSN/SAC at any level, you can delete it using the Tax Rate History option in the GST Details screen.

  • Press Alt+L in the GST Details screen, and delete the HSN/SAC from the Tax Rate History screen.

Note: When recording a transaction, if the HSN/SAC is found first (in this order Ledger > Group > Stock item > Stock group > Company) without the tax rates at that level, the rates do not get calculated in the transaction.

If you need any help , please contact Support Team at iMaster.in or Call 93-80-80-2000 or info@imaster.in

 

WHY YOU NEED A PRIVATE LIMITED?

Every entrepreneur must have to spend a great deal of time to choose the suiting business structure. Be it a small, medium or large enterprise, a lot of research is made to see which structure turns out to be the most profitable, the most hassle-free, and the most manageable. It shouldn’t be surprising that there are many disparate legal structures enacted by law for the same.  Out of the lot, a private limited is more popular among businessmen for some good reasons. Let’s find out why.

So why do you need a private limited?

A Private Limited is the simplest choice for an entrepreneur who wishes to incorporate his business. It puts very little pressure on the entrepreneur to get started and also the possibilities are limitless. Here’s a detailed analysis.

The Private Limited is an exhaustive business structure dealt under the purview of the Companies’ Act, 2013. The minimum requirement is two members. Apart from that, a minimum of two directors is required to form a private company. A private company tin have a maximum of 200 members only. Something noteworthy here is, though the One Person Company (OPC) is a private limited company, its minimum and maximum membership is restricted to 1. Recently, the minimum paid up capital clause has been withdrawn and hence effectively, there is no specified minimum paid up capital requirement for private limited companies.

PROS:

  1. Enhance business credibility:

If you have established your business as a sole proprietorship or partnership firm, your business is not registered with Ministry of Corporate Affairs. Morover your business won’t show up in online company or LLP databases. Such a scenario would be adverse toward the business credibility leading to low trust among suppliers, vendors, future business prospects. Hence, earning credit from suppliers or opening a business bank account becomes hard. Incorporating a private limited is ideal in reversing the above. Even if you want to sell the business in future, a private limited is the most handy.

 

  1. Foreign Investment:

Private limited companies and limited companies are the only types of entities that allow for Foreign Direct Investment of upto 100% through the automatic route, meaning, any foreign entity or foreign person tin invest in a company without any prior government approval. This advantage is not conferred upon any other entity such as sole concerns or partnership firms.

  1. Easier to establish compared to public companies.

When compared with public companies, private companies are way lot easier and time saving to incorporate and have lesser legal compliances than public companies.

  1. Lesser paperwork and Legal formalities.

Private companies tin be set up with very less time, with fewer documents, and reasonable fees compared with the straining legal complications when it comes to compliance procedures and paper work for public companies.

  1. No minimum paid up capital requirement:

Private limited companies are not required to have any minimum paid up capital after the amendment brought in through Companies’ (Amendment) Act, 2015.

  1. Number of debenture-holders.

It is to be noted that though the maximum number of members is limited to 200, the number of debenture holders tin exceed 200. Hence, there is no restriction on number of debenture holders.

  1. Separate legal entity and limited liability

Members of private companies are liable to pay off business debts upto the unpaid amount on the face value of shares held by them.  In other words, the personal assets of each member will not be used to clear off the business debts. Also, as private limited holds separate legal status, it would have perpetual succession, meaning, it carries on for indefinite time.

CONS:

  1. Cannot raise finance through public.

Private companies are strictly prohibited to raise capital from public. The Act prohibits any invitation to the public to subscribe for shares in or debentures of the company.

  1. Restriction on transferability of shares

A private company cannot transfer its shares. It should be noted that the emphasis is on restriction on transfer and not on prohibition of transfer.

A private limited company is the most ideal if the capital required and  owner-members are less. With numerous benefits conveyed through the Act, the private limited company stands out as our foremost choice for an entrepreneur who is ready for incorporating his business idea.