Author: Rishit Shah
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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…
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Order: SAC & Tax Rate [Applied for Services] in TallyPrime
When working with services in TallyPrime that are subject to GST, it is important to understand how the software determines which SAC (Service Accounting Code) and GST rate to apply. TallyPrime follows a specific hierarchy to decide this, ensuring accuracy and compliance with GST regulations. 1. Service Ledger in TallyPrime The highest priority is given…
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Order: HSN Code & Tax Rate Are Applied for Goods in TallyPrime
TallyPrime follows a structured hierarchy to determine the HSN Code and GST Rate applicable to goods. If GST details are specified at multiple levels, TallyPrime prioritizes the most specific level first. 1. Hierarchy of HSN Code & GST Rate Application in TallyPrime The order in which HSN Code and GST Rate are applied to goods…
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Specify GST Rate Details for Masters in TallyPrime: 5 Easy Steps
Setting up GST rate details correctly in TallyPrime ensures accurate tax calculations for sales and purchase transactions. You can specify GST rate details at different levels, such as Stock Items, Stock Groups, Accounting Groups, Sales/Purchase Ledgers, and GST Classifications. 1. Why Specify GST Rate Details in TallyPrime? 2. Specify GST Rate Details for Different Masters…
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View GST Rate Setup for Masters in TallyPrime: 4 Easy Steps
Viewing the GST rate setup for masters in TallyPrime helps businesses verify the applied GST rates across stock items, stock groups, accounting groups, and ledgers. This ensures that correct tax rates are applied while recording transactions, preventing compliance issues. 1. Why View GST Rate Setup for Masters in TallyPrime? 2. Steps to View GST Rate…
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Import Party GSTIN in TallyPrime: 2 Easy Methods + 2 Examples
Importing Party GSTIN in TallyPrime helps businesses maintain accurate records for GST compliance. Instead of manually entering GSTIN details for each party, you can bulk import them using Excel or XML files, saving time and minimizing errors. 1. Why Import Party GSTIN in TallyPrime? 2. Methods to Import Party GSTIN in TallyPrime TallyPrime provides two…