Category: Advanced
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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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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…