Author: Rishit Shah
-
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…
-
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…
-
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…
-
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:…
-
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…
-
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).…
-
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?…
-
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…
-
Effective Date for Changes to GST Details in Masters in TallyPrime
In TallyPrime, the Effective Date for changes to GST details in masters ensures that modifications in GST-related information, such as GSTIN, tax rates, or registration types, take effect from a specific date without affecting past transactions. This feature helps businesses comply with GST regulations while maintaining accurate financial records. 1. Why Use the Effective Date…
-
Reset GST Login in TallyPrime: 4 Easy Steps + Example
If you are unable to log in to the GST portal through TallyPrime due to issues like forgotten credentials, expired sessions, or incorrect configurations, you may need to reset your GST login. Resetting GST login in TallyPrime ensures that you can continue filing GST returns and syncing data with the GST portal without any interruptions.…