Author: Rishit Shah
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Expense with GST in a Payment Voucher by Selecting Party Details in TallyPrime
If you’ve made a payment for an expense — like legal fees, consulting services, or repair and maintenance — and it includes GST, you can record it using a Payment voucher in TallyPrime. TallyPrime allows you to select Party Details in the voucher, so GST gets accounted correctly and appears in your returns like GSTR-3B…
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Expenses with GST in a Journal Voucher in TallyPrime: 4 Steps
In TallyPrime, Journal vouchers are used to record non-cash transactions like expenses, provisions, adjustments, and depreciation. If you’re not making a direct payment (via cash or bank), but want to record the expense for accounting purposes, the Journal voucher is the right tool. Let’s walk through how to record an expense using a Journal voucher…
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Indirect Incomes Under GST in TallyPrime: 4 Steps + Example
Indirect income refers to earnings that are not directly related to your core business activities. Examples include commission income, rent received, interest received, royalty income, etc. If you are registered under GST and earn such income, you need to charge GST (if applicable) and record it properly in TallyPrime. This ensures that your GST returns…
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Services Availed in Another State as an Intrastate Transaction in TallyPrime
Sometimes your business may receive services physically in another state, but you want to record the transaction as intrastate in your TallyPrime books. This happens often when the billing address and GST registration are in the same state, but the place of supply is different. This blog post will explain how to record such cases…
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Pass Bonus Shares Entry in TallyPrime: 3 Steps + Example
If you invest in shares, you might receive bonus shares from the company. These are additional shares given free of cost to existing shareholders. Although there’s no cash transaction involved, you still need to record this in TallyPrime to maintain accurate stock and investment records. In this blog post, you’ll learn how to pass a…
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GST Invoice Support for Material In in TallyPrime: 3 Steps
When you’re running a job work business or sending and receiving materials for processing, Material In vouchers are often used in TallyPrime. With the latest GST features in TallyPrime, you can now link Material In vouchers with GST invoices for better compliance and reporting. This post explains how GST invoice support works for Material In…
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High Sea Purchases in TallyPrime: 5 Steps + Example
High Sea Purchase refers to a transaction where goods are sold while they are still on the high seas, i.e., before they have crossed Indian customs boundaries. This type of purchase is common in international trade. In TallyPrime, you can easily record high sea purchases and manage them for GST and inventory purposes. Let’s understand…
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Reversal of ITC on Manufacturing Exempt Supplies in TallyPrime
Under GST, if you manufacture exempt supplies, you are not allowed to claim full Input Tax Credit (ITC) on the inputs and input services used for manufacturing. Instead, you must reverse the proportionate ITC related to exempt supplies. TallyPrime allows you to manage this reversal efficiently and ensures your GST returns reflect accurate values. Let’s…
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ITC on Purchase of Capital Goods in TallyPrime: 5 Easy Steps
When a business purchases capital goods, like machinery or equipment, it can claim Input Tax Credit (ITC) on the GST paid for those purchases. This helps reduce the GST liability on outward supplies. TallyPrime makes it easy to record the purchase of capital goods and avail the ITC, while also ensuring accurate GST return reporting.…
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GST on Inward Remittance of Service Value in TallyPrime: 4 Steps
When an Indian business receives services from a supplier located outside India, it is treated as an import of services under GST. Even though no physical goods are coming in, the business must pay GST under Reverse Charge Mechanism (RCM). In TallyPrime, you can easily record such inward remittances for services and ensure the correct…