Category: Advanced

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…

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…

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…

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…

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…

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…

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…

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?…

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…

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…