GST with TallyPrime

Pramit Pratim Ghosh |Updated on: April 25, 2023

• Introduction
• Benefits of using TallyPrime
• GST software features in TallyPrime 
• GST Concepts & FAQs

Introduction

Introduced in early 2017, GST has become an imperative element for businesses. Since then, the GST Council has introduced several modification to simplify the rules to make it easier for businesses to adhere to the regulations. In the latest move, the Central Board of Indirect Taxes and Customs (CBIC) on August 1 notified that GST-registered businesses with an annual turnover of Rs 10 crore or more would have to generate e-invoices for B2B transactions from October 1 in a phase-wise manner. Currently, businesses with Rs 20 crore and above turnover are required to generate e-invoices for all B2B transactions. All this calls for an efficient GST ready accounting software, which can not only take care of your holistic business needs but also ensure a hassle-free compliance experience. 

Being at the helm of the GST journey, Tally, has always worked with businesses by continuously building a reliable GST software on par with the changes, to make compliance simpler for businesses and tax consultants. 

Benefits of using TallyPrime

Tally is the most popular and reliable GST ready accounting software amongst businesses in India. We believe it is critical to ensure that data is recorded correctly at the transaction level itself, which is the starting point.TallyPrime ensures you generate GST invoices and transactions as per the GST format, thereby helping you stay compliant to the latest regulations. 

As a business owner, you can easily share returns data with your tax consultant as per GST format. If you prefer to, you can file GSTR-1, GSTR-3B and GSTR-4 on your own by exporting data to the Excel Offline Utility tool or in JSON format as per the GST portal. The unique error detection and correction capability ensures that you file returns accurately. 

What's more? TallyPrime is enhanced with a fully connected solution to instantly generate e-invoices and e-way bills with no manual intervention. You can generate e-invoices for single invoices or in bulk for more than one invoice 

Go ahead and take Tally's GST software free download, to start your journey towards an effective GST compliance journey. 

GST software features in TallyPrime 

Tally's GST software in India handles all your GST billing needs. You can generate a range of invoices, from simple invoices to invoices with multiple items and multiple tax rates. You can also manage advance receipts, reverse charge scenarios, branch transfers, bill of supply, export invoices, input tax credit and other adjustments - all by using Tally's GST billing software. Here are some of the features of TallyPrime GST software:  

GST Invoicing: Now easily generate digitally signed GST-compliant tax invoices, bill of supply and much more with TallyPrime and stay compliant with the latest regulation.  

e-Invoice and e-way bills: Generating e-invoices and e-way bills had never been this easy. With TallyPrime, a fully connected solution, you can simplify your e-invoicing, and the e-way bill needs seamlessly.  

Auto-filled GSTR-3B and GSTR-1: TallyPrime's one-time return filing with auto-filled in GSTR-3B and GSTR-1 makes it all the more simple. You can export the return data in multiple formats. For e.g. GST Return data in JSON and MS-Excel. 

Accurate Return filling: With the built-in intelligence of TallyPrime, you can rest assured that your GST return filing is accurate. Tally's prevention-detection-correction mechanism ensures that your GST returns are error-free.   

Composition Scheme: Manage composition scheme from generating bill of supply invoices to filing CMP-08 returns. 

Returns in Json and Excel file: Export the auto-filled GST returns in JSON and excel format. You can export the return data in multiple formats, for e.g. GST Return data in JSON and MS-Excel. 

Manage all types of GST transactions: Easily manage different GST transactions such as reverse charge transactions, imports, advance receipts, SEZ, and much more. 

End-to-end accounting: Upgrade your accounting process by seamlessly tracking, managing, and organizing your books of accounts efficiently with TallyPrime. 

Online business reports: Stay on top of your business with quick access to business reports from anywhere, using any device at any time.   

Business reporting: TallyPrime offers a wide range of reports that you can customize as per your need and get crucial insights into your business.  

Quick setup: With a simple and easy setup, you can start using TallyPrime. Additionally, you can quickly set up the GST capability like configuring GST rates and party details within a few minutes.  

Continuous product update: Regular product updates to ensure that new laws and changes are supported on-time 

File your GST returns accurately with Tally's GST Software 

Avoid the hassles of segregating data invoice-wise, detect and correct errors in transactions quickly and generate returns in the required format using TallyPrime. You can generate GSTR-1, GSTR-3B and GSTR-4 either in JSON format or use the Excel Offline Utility tool to file your GST returns. To understand the product's capabilities in its entirety, feel free to use Tally's GST software free trial - and assess how your business needs are being catered to. 

GST Concepts & FAQs

What is Form GSTR-3B? How do I file it?

Form GSTR-3B is an interim return form to be used by GST dealers with regular registration for filing returns for the current financial year. Learn More

If I am providing services across multiple states, can't I manage with single registration?

No. In the current regime, Service Tax was applicable for services, which required a unified, centralized registration. However, in the current regime, goods and services will have the same treatment and will be taxed on supply, at the place of supply.

What is the difference between mixed and composite supply?

Composite Supply means a supply made by a taxable person to a recipient comprising two or more supplies of goods or services, or any combination thereof, which are naturally bundled and supplied in conjunction with each other in the ordinary course of business. GST Mixed Composite Supply