Category: Intermediate

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…

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…

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…

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…

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…

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?…

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…

Managing your GST profile in TallyPrime ensures that all GST-related transactions comply with tax regulations. It involves configuring GST details for your business, updating GST rates, and maintaining tax-related records systematically. Step 1: Enable GST in TallyPrime 1. Open TallyPrime 2. Enable GST Press Ctrl + A to Save the settings. Step 2: Configure GST…

Setting up Connected GST in TallyPrime involves integrating your TallyPrime software with the GST system for seamless GST filing and compliance. Connected GST allows you to generate GST returns, file them online, reconcile GST data, and ensure compliance with the GST Network (GSTN). 1. Steps to Set Up Connected GST for Your Business in TallyPrime…

The Edit Log in TallyPrime is a powerful tool that tracks changes made to transactions and master data. 1. Edit Log Providing you Audit Trail in TallyPrime It provides a detailed audit trail, helping you to: 1. Identify Changes: See who made changes, when they were made, and what specific changes were made. 2. Investigate…