Author: Rishit Shah
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Change in Assessable Value of Purchases Under GST in TallyPrime
When recording purchases under GST, the assessable value plays an important role. GST is calculated on this value, not just the base price of goods or services. Sometimes, the assessable value of a purchase may change because of additional costs like freight, loading, unloading, or packing. These costs must be included if they are charged…
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Multi-GST Item Purchase in Single Voucher in TallyPrime: 4 Steps
In a typical business transaction, you may purchase multiple items together that attract different GST rates. TallyPrime allows you to record such purchases in a single purchase voucher without any confusion. This helps you save time, maintain accurate records, and ensure correct tax calculation. 1. When Does This Happen? Items with Different GST Rates in…
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Purchase with Multiple GST Registrations in TallyPrime: 5 Steps
If your business operates in multiple states and has different GST registrations for each, you can easily manage purchases under these registrations in TallyPrime. This is useful when: TallyPrime helps you manage and record purchases with multiple GST registrations while keeping your GST returns accurate. 1. Why Use Multiple GST Registrations? According to GST law:…
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Interstate Purchase of Services in TallyPrime: 5 Steps + Example
If your business purchases services from a supplier located in another state, it is treated as an interstate purchase of services. In such cases, IGST (Integrated GST) is applicable. TallyPrime simplifies the process of recording these types of transactions with proper tax treatment. Let’s understand how to record an interstate service purchase step by step…
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Interstate Purchase of Goods in TallyPrime: 5 Steps + Example
If your business buys goods from a supplier in a different state, the transaction is known as an interstate purchase. In such cases, IGST (Integrated GST) is applicable instead of CGST and SGST. TallyPrime makes it easy to record interstate purchases and automatically calculates the correct taxes. Let’s understand how to record an interstate purchase…
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Local Purchase of Services in TallyPrime: 5 Easy Steps + Example
Purchasing services from a local supplier means both you and the service provider are located in the same state. In this case, CGST and SGST are applicable. TallyPrime allows you to easily record such transactions and ensures that your GST reports are accurate. Let’s break down how to record a local purchase of services step…
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Local Purchase of Goods in TallyPrime: 5 Easy Steps + Example
Purchasing goods locally means buying from a supplier located in the same state as your business. In such cases, CGST and SGST are applicable instead of IGST. TallyPrime makes it easy to record these transactions accurately for GST compliance. This post will help you understand how to record a local purchase of goods in TallyPrime,…
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Sales of RCM Supplies Using Nature of Transaction (Sales to Consumer) Taxable in TallyPrime
If you’re selling goods or services that fall under Reverse Charge Mechanism (RCM), and your buyer is a consumer or unregistered party, TallyPrime gives you a simple way to record this using the Nature of Transaction: Sales to Consumer – Taxable. In such cases, you do not collect GST, but you must indicate in your…
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Sale of RCM Supplies to Unregistered Dealers or Consumers in TallyPrime
If your business sells goods or services that fall under Reverse Charge Mechanism (RCM) to an unregistered dealer or a consumer, you still need to follow the GST rules carefully. Even though your buyer is not registered under GST, you still do not collect GST from them in an RCM supply. Instead, you must ensure…
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Sale of RCM Supplies to Registered Dealers in TallyPrime: 5 Steps
Some goods and services fall under the Reverse Charge Mechanism (RCM), where the recipient (buyer) is responsible for paying GST instead of the supplier (seller). If your business sells such RCM-applicable supplies to registered dealers, you must record the transaction correctly in TallyPrime. This post explains how to do that in simple steps with an…