Author: Rishit Shah
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Ledger to Book Expenses with GST in TallyPrime: 2 Easy Steps
In TallyPrime, businesses must record expenses with GST applicability to claim Input Tax Credit (ITC) correctly and maintain compliance with GST regulations. This guide explains how to create expense ledgers with GST, record transactions, and analyze GST reports. 1. Why Book Expenses with GST in TallyPrime? 2. Common Business Expenses That Attract GST Expense Type…
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GST for Ledgers of Non-Revenue Accounts in TallyPrime: 4 Steps
1. Understanding Non-Revenue Accounts in TallyPrime Non-revenue accounts refer to accounts that do not directly contribute to revenue generation but are essential for business operations. These accounts include: While these accounts are not part of sales or purchase transactions, GST may still be applicable under certain conditions. 2. When Does GST Apply to Non-Revenue Accounts?…
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Expense Ledger to Form Part of Assessable Value in Invoice in TallyPrime
TallyPrime allows businesses to include certain expenses (like freight, packing charges, insurance, handling charges, etc.) as part of the assessable value of goods or services in invoices. This is particularly useful for GST compliance, where expenses that form part of the transaction value should be taxable under GST. 1. What is the Assessable Value in…
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GST Classification for Cess Based on Quantity or Value in TallyPrime
TallyPrime allows users to create and modify GST classifications for Cess, which can be calculated either based on quantity (per unit) or value (percentage of the item’s price). This is particularly useful for industries where additional cess is applicable, such as tobacco, aerated drinks, and luxury cars. 1. What is Cess in GST? GST Compensation…
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Create/Alter GST Classification Based on HSN/SAC in TallyPrime
TallyPrime allows users to create and modify GST classifications based on HSN (Harmonized System of Nomenclature) for goods and SAC (Service Accounting Code) for services. By setting up GST classifications, businesses can apply the correct tax rates, reduce manual errors, and simplify GST return filing. 1. Why Use GST Classifications in TallyPrime? 2. How to…
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Validate GSTIN/UIN & HSN/SAC Online in TallyPrime: 3 Easy Steps
TallyPrime allows businesses to validate GSTIN/UIN and HSN/SAC details online, ensuring accuracy and compliance with GST regulations. This feature helps in reducing errors related to incorrect GST numbers and invalid HSN/SAC codes while filing GST returns. 1. Why Validate GSTIN/UIN and HSN/SAC Online in TallyPrime? 1. Benefits of GSTIN/UIN Validation: 2. Benefits of HSN/SAC Validation:…
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Different GST Return Effective Date for GSTR-1 and GSTR-3B in TallyPrime
1. What is the GST Return Effective Date for GSTR-1 and GSTR-3B? In TallyPrime, businesses can set different GST Return Effective Dates for GSTR-1 (Outward Supplies) and GSTR-3B (Summary Return). This feature is useful for cases like: 2. Importance of Setting Different GST Return Effective Dates in TallyPrime 3. How to Set Different GST Return…
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GST Return Effective Date for Vouchers in TallyPrime: 3 Examples
1. What is the GST Return Effective Date for Vouchers in TallyPrime? The GST Return Effective Date for Vouchers in TallyPrime allows businesses to set a specific date from which GST should be applicable to transactions. This ensures that vouchers created before the effective date do not impact GST returns (GSTR-1, GSTR-3B, and Annual Returns).…
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GST Return Effective Date in TallyPrime: 2 Steps + 3 Examples
In TallyPrime, the GST Return Effective Date allows businesses to specify the date from which GST details should be considered for GST returns. This feature ensures that transactions before a particular date are not included in the GST reports, making compliance and tax filing more accurate. 1. Why is the GST Return Effective Date Important?…
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TallyPrime Release 6.0: 5 New Features Explained with Examples
TallyPrime Release 6.0 Beta introduces a suite of advanced features designed to streamline business operations, particularly in banking and financial management. Below is an overview of its key benefits, accompanied by practical examples: 1. Connected Banking in TallyPrime Release 6.0 Benefit: Seamless integration between TallyPrime and your bank accounts. Features: Example: A business owner can…