TallyPrime helps to manage GST. It helps with everything from setup and invoicing to returns and reconciliation, saving you time and effort. The new version has great features like easy GST reconciliation for GSTR-2A, GSTR-2B, and GSTR-1, support for managing multiple GSTINs in one company, better filters to find data quickly, and payment gateway integration for smooth transactions. These TallyPrime features simplify GST compliance and make handling GST and other business tasks easier for everyone.
5 New Features of TallyPrime
Let’s read about the TallyPrime features, which are used for businesses to simplify the GST;
1. Quick GST Returns
With TallyPrime features that simplify GST compliance, creating GST returns is quick. Just like you can instantly check Balance Sheets or Profit & Loss reports, you can now generate GST returns instantly, no matter how much data you have. This saves time and makes your work easier.
2. Mark GST Returns as Signed
The new version lets you mark GST returns as ‘Signed’ after you file them on the GST portal. This helps you keep track of returns that are verified and filed. If any changes or new entries are made for that period, TallyPrime will highlight them for you. This makes it easy to review and include these changes in future returns.
Once you file GST returns and pay the tax, you can’t revise them because there is no option to file revised returns. But sometimes, you might need to change transactions for a period when the returns have already been filed.
For example, if there’s a mistake in the invoice amount or total, you may want to fix it after filing the returns. While the filed returns can’t be changed, the GST portal lets you include these corrections as amendments in the next return. Joining the TallyPrime course online helps one understand how to use the TallyPrime features properly.
3. Changes and Reporting in Returns
Once GST returns are filed and the tax is paid, you can’t change them. There is no option to file a revised return. However, sometimes, you might need to fix transaction mistakes from when the returns were already filed.
For example, if there is an error in the amount or total on an invoice, and you want to correct it after filing the returns, you can’t change the filed returns. However, the GST portal lets you report these changes as amendments in the next return.
With the latest version of TallyPrime, managing changes and reporting returns is simple. Here’s how it works:
After filing the returns in the GST portal, just mark them as “signed.” Once signed, TallyPrime will track any changes you need to make.
For example, if you recorded an invoice for April 2023 and filed the return and payment by 15th May 2023 but then notice an error in the tax amount on 25th May, follow these steps:
- Mark the return as signed in TallyPrime after filing it in the portal.
- Once the return is signed, any changes for that period will be tracked.
- Correct the April transaction with the right tax amount.
- TallyPrime will automatically list these changes under the “Uncertain Transactions” section in GSTR-1.
- Choose the transaction and enter the “Return effective date,” which is the date when the changes should be reported. In this case, it will be 25th May.
- The changes will be shown under the “Amendments” section in the May GSTR-1. TallyPrime will also update the difference in tax in the May 2023 GSTR-3B.
4. Track GST Return Activities
With so many returns to file, different periods, and GST registrations, it can be hard to keep track of everything. But don’t worry! TallyPrime features simplify GST compliance, making tracking all your return tasks easy with just one click. The new “Track GST Return Activities” report gives you a quick overview of all pending activities for your returns across different periods and GST registrations in one place.
You can easily see if returns are exported, reconciled, waiting to be signed, and more. The best part is that you can click on any item in the report and go straight to that return to take action. You can also customize this report in many ways. For example, you can choose to see it by return or by period or filter to show only pending tasks or completed activities.
5. Simpler, More Flexible, and Intuitive Configurations
The latest version of TallyPrime makes GST configurations easier and more flexible. It helps you manage special cases easily and stay compliant. Here are a few new features in TallyPrime release 3.0:
- You can now mark your registration as “Active” or “Inactive.”
- Switching between the composition scheme and the regular scheme is easy. Enter the change date, and TallyPrime will handle everything from invoicing to returns.
- The new GST rate setup simplifies configuring GST details for stock groups, items, and ledgers. Whether you need to change one item or many, TallyPrime makes it quick and easy.
- You can now create and assign multiple voucher series for one voucher type.
- GST calculations are supported in “Material In” and “Material Out” voucher types, saving you time.
These five TallyPrime features simplify GST compliance, which is helpful for every business. To understand this properly, joining Tally accounting courses is the best option, as learners acquire more knowledge about using Tally software.
