Author: Rishit Shah
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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…
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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…