Author: Rishit Shah
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Inward Supply of Goods from Unregistered Dealers (RCM) in TallyPrime
When you purchase goods from unregistered dealers under GST, you’re required to pay tax under the Reverse Charge Mechanism (RCM). This means you, the buyer, must pay the GST directly to the government instead of the seller. In this post, you’ll learn how to record such inward supply of goods in TallyPrime using simple steps…
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Reversing Tax Liability for Purchase Return of Services (RCM) in TallyPrime
When you receive services under the Reverse Charge Mechanism (RCM), you’re required to pay GST directly to the government. But if you later return or cancel those services, you can reverse the tax liability proportionally. This guide explains how to do that easily in TallyPrime with a simple, step-by-step example. 1. What is Reverse Charge…
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Purchase Returns of Services (RCM) in TallyPrime: 5 Easy Steps
When your business deals with services that fall under Reverse Charge Mechanism (RCM), it’s important to record purchase returns accurately in TallyPrime. This guide will walk you through the complete process in simple language with a clear example. 1. What is Reverse Charge for Services? In a regular GST transaction, the supplier of services charges…
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Purchase Returns of Goods (Under RCM) in TallyPrime: 3 Steps
Managing Purchase Returns of Goods under Reverse Charge Mechanism (RCM) in TallyPrime is essential for accurate GST reporting and compliance. If your business makes purchases where you, the recipient, are liable to pay GST under RCM, then handling returns of such purchases requires proper accounting treatment. Let’s walk through this in a simple, clear way…
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TallyPrime Release 6.0: 4 Unexpected Major Updates
TallyPrime Release 6.0 introduces several enhancements designed to streamline business operations, particularly in banking, GST compliance, and customization. Here’s a detailed overview of the key features: 1. Enhanced Banking Experience in TallyPrime Release 6.0 1. Connected Banking TallyPrime now offers Connected Banking, allowing you to link your bank accounts directly within the software. This integration…
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Raise Tax Liability & Claim ITC for Import of Services [Under GST RCM] in TallyPrime
When you import services from outside India, GST is applicable under Reverse Charge Mechanism (RCM). This means the recipient (you) is liable to pay GST directly to the government and then claim ITC if eligible. TallyPrime helps you account for this entire process—from recording the service expense to raising tax liability and claiming ITC. Let’s…
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Import of Services [Under GST RCM] in TallyPrime: 5 Simple Steps
Under GST, when you import services from a supplier outside India, you, the recipient, are responsible for paying GST under Reverse Charge Mechanism (RCM). TallyPrime allows you to record such transactions easily and maintain accurate GST reports. Let’s go step-by-step with a simple example. 1. What is Import of Services under RCM in TallyPrime? When…
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How to View HSN/SAC Summary in GSTR-1 in TallyPrime: 5 Steps
If you are filing GSTR-1, you must report HSN/SAC-wise summary of your sales. TallyPrime makes it simple to view and verify this summary directly from your software. Let’s understand how to check the HSN/SAC summary in GSTR-1 using TallyPrime. 1. What is HSN/SAC Summary in GSTR-1 in TallyPrime? The HSN/SAC Summary in GSTR-1 is a…
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Set HSN Code for Stock Items / Stock Groups in TallyPrime: 4 Steps
When you are dealing with goods in GST, using the correct HSN code is mandatory. HSN stands for Harmonized System of Nomenclature and it helps classify goods in a systematic way under GST. In TallyPrime, you can set HSN codes either at the stock item level or the stock group level. Let’s go through each…
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How to Update HSN Code in TallyPrime: 5 Steps + Example + Tips
HSN stands for Harmonized System of Nomenclature. It’s used to classify goods under GST. If you’re selling or purchasing goods, you need to mention the correct HSN code in your invoices. In TallyPrime, you can update HSN codes easily for stock items, stock groups, or even ledgers. Let’s go step by step. 1: Enable GST…