Category: Intermediate

GSTR-2, also known as the Purchase Return, is a monthly return required to be filed by all registered businesses under the Goods and Services Tax (GST) regime in India. It details all the purchases made by the business during the return period, along with the Input Tax Credit (ITC) claimed on those purchases. While TallyPrime…

Exporting your GSTR-1 draft from TallyPrime allows you to submit it to the GST portal for filing. Here’s a step-by-step guide: 1. Accessing the GSTR-1 Report: 2. Exporting the Draft: 3. Export Configuration: 4. Exporting the File: Additional Notes: Important Tips: By following these steps and considering the additional tips, you can successfully export your…

In TallyPrime, GSTR-1 Status Reconciliation offers a powerful tool to compare your business records with the data reported in your GSTR-1 form submitted to the GST portal. This helps you identify and address any discrepancies, ensuring data accuracy and compliance. Here’s a detailed breakdown of GSTR-1 Status Reconciliation in TallyPrime: 1. Function: 2. Accessing Reconciliation:…

In GSTR-1, exceptions refer to any discrepancies or missing information that prevent a transaction from being included in the final return. TallyPrime helps identify these exceptions and guides you through resolving them before filing. Here’s a summary of the most common exceptions you might encounter: 1. Information Required for Generating Table-Wise Details Not Provided: 2.…

The GSTR-1 Particulars (Computation Details) section in TallyPrime provides a deeper dive into the data used to calculate your tax liability in the GSTR-1 return. This section offers detailed information on each transaction included in the return, helping you analyze and verify its accuracy. Here’s what you’ll find: 1. Outward Supplies: This section lists all…

The Returns Summary section in GSTR-1 of TallyPrime offers a concise overview of the details included in your GSTR-1 draft return. It’s a quick way to check key figures and ensure everything looks accurate before submitting your return to the GST portal. Here’s a breakdown of what you’ll find in the Returns Summary: 1. Return…

Recording export sales in TallyPrime involves specific steps to ensure accurate tax information and GST compliance. Here’s a detailed guide: 1. Configure Stock Items: 2. Create a Sales Voucher: 3. Enter Basic Information: 4. Add Sale Items: 5. Set Tax Details: 6. Optional Configuration: 7. Save and Print: Additional Notes while Recording Export Sales under…

Recording deemed export sales in TallyPrime involves using the “Deemed Export” nature of transaction while considering any specific state-specific requirements. Here’s a detailed guide: 1. Check Eligibility: Before proceeding, ensure your state is included in the list of states eligible for treating certain sales as deemed exports. Common examples include Delhi, Haryana, Maharashtra, etc. You…

Recording exempt GST sales in TallyPrime involves similar steps to recording nil-rated sales, but with slight differences. Here’s a detailed guide: 1. Configure Stock Items: 2. Create a Sales Voucher: 3. Enter Basic Information: 4. Add Sale Items: 5. Set Tax Details: Crucial Distinction: 6. Save and Print: Additional Notes while Recording GST Exempt Sales…

Here’s how to create nil-rated GST sales in TallyPrime: 1. Configure Stock Items: 2. Create a Sales Voucher: 3. Enter Basic Information: 4. Add Sale Items: 5. Set Tax Details: 6. Save and Print: Additional Notes while Recording Nil Rated GST Sales in TallyPrime: Important Tips: By following these steps and tips, you can effectively…