What is Tally?
Tally is an accounting software used by businesses for managing financial transactions, invoicing, inventory management, and other accounting-related activities. It is widely used in India and other countries for managing accounting, taxation, and compliance requirements.
Tally is known for its user-friendly interface, powerful accounting features, and customizable reports. It allows businesses to automate their accounting processes, reduce errors, and improve productivity. Tally supports multiple languages and can be used by businesses of all sizes, from small enterprises to large corporations.
Tally software offers various modules such as accounting, inventory, payroll, and taxation. It can be used to create invoices, manage cash and bank transactions, generate financial statements, and track inventory levels. Tally also offers GST compliance features that help businesses comply with Goods and Services Tax (GST) regulations in India.
How to Use TallyPrime for GST Compliance and Return Filing
TallyPrime is a powerful accounting software that can be used to manage GST compliance and return filing for your business.
Here are the steps you can follow to use TallyPrime for GST compliance and return filing:
Set up your company details
To start using TallyPrime for GST compliance and return filing, you need to first set up your company details. This includes configuring your company’s GST details such as GSTIN, state, tax rates, and GST returns filing period.
Create and maintain GST compliant ledgers
You need to create and maintain GST compliant ledgers in TallyPrime, such as GST sales ledger, GST purchase ledger, GST input tax credit ledger, and GST output tax ledger.
Record transactions
Record all your business transactions in TallyPrime using the appropriate voucher types such as sales vouchers, purchase vouchers, and payment vouchers. Ensure that the transactions are recorded correctly and GST taxes are calculated accurately.
Generate GST returns
Use TallyPrime to generate GST returns such as GSTR-1, GSTR-2A, GSTR-3B, and GSTR-4. TallyPrime automatically calculates GST taxes based on the transactions recorded and generates accurate GST returns.
File GST returns
Once the GST returns are generated, file them on the GST portal using TallyPrime. You can either file the returns directly from TallyPrime or download the returns in the required format and upload them to the GST portal.
Reconcile GST returns
After filing the GST returns, reconcile them in TallyPrime with the GST returns filed on the GST portal. TallyPrime automatically detects and highlights any mismatches or discrepancies between the two, enabling you to correct them quickly and easily.
GST Setup using tally prime accounting software
Create a Company
Open TallyPrime software and create a new company with the necessary details, such as company name, address, and financial year.
Enable GST feature
Once the company is created, enable the GST feature in the company by going to Gateway of Tally > F11: Features > F3: Statutory & Taxation.
Enable GST Details:
After enabling the GST feature, configure the GST details for the company by going to Gateway of Tally > Alt+F3 > Company Info > GST Details.
Create GST Ledgers
Create GST ledgers, such as GST Sales Ledger, GST Purchase Ledger, and GST Input Tax Credit Ledger, by going to Gateway of Tally > Accounts Info > Ledgers > Create.
Create GST Tax Rates
Create GST tax rates for your company by going to Gateway of Tally > Accounts Info > Tax Rates > Create.
Record GST Transactions
Record all GST transactions in TallyPrime using the appropriate voucher types, such as sales vouchers, purchase vouchers, and payment vouchers. Ensure that the transactions are recorded correctly and GST taxes are calculated accurately.
Generate GST Returns
Use TallyPrime to generate GST returns, such as GSTR-1, GSTR-2A, GSTR-3B, and GSTR-4. TallyPrime automatically calculates GST taxes based on the transactions recorded and generates accurate GST returns.
File GST Returns
Once the GST returns are generated, file them on the GST portal using TallyPrime. You can either file the returns directly from TallyPrime or download the returns in the required format and upload them to the GST portal.
Conclusion
By following these steps, you can set up GST using TallyPrime accounting software and manage GST compliance for your business with ease. TallyPrime’s user-friendly interface, powerful accounting features, and GST compliance capabilities make it the ideal tool for small and medium-sized businesses looking to manage their finances and stay compliant with GST regulations.
Visit Tally Training in Chandigarh on our website if you require one.
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