Course description
Tally Prime with GST stands as a robust and indispensable accounting and business management software meticulously designed to empower businesses in India to navigate the complexities of Goods and Services Tax (GST) compliance with unparalleled ease and accuracy. More than just an accounting tool, it's a comprehensive solution that integrates various business functions, from day-to-day accounting to intricate tax filings, all under one intuitive platform.
**Core Pillars of TallyPrime with GST:**
1. **Seamless GST-Compliant Invoicing and Billing:**
* **Automated GST Calculation:** Tally Prime intelligently calculates CGST, SGST, IGST, and Cess for every transaction, eliminating manual errors and ensuring accuracy from the source.
* **HSN/SAC Code Management:** Effortlessly incorporates HSN (Harmonized System of Nomenclature) or SAC (Services Accounting Code) into invoices, a mandatory requirement for GST compliance.
* **Professional Invoice Generation:** Create and print professional invoices that include all necessary GST details, such as GSTINs of both buyer and seller, tax breakup, and HSN/SAC codes.
* **E-invoicing and E-way Bill Integration:** TallyPrime offers a fully connected solution for generating e-invoices and e-way bills directly from the software, streamlining the entire process and ensuring real-time compliance. It automatically captures the e-way bill number on the invoice and allows for managing (extending, canceling, updating) e-way bills within TallyPrime.
2. **Simplified GST Return Filing:**
* **Auto-Populated Returns:** Generates accurate and auto-filled GST returns like GSTR-1 (Outward Supplies), GSTR-3B (Summary Return), and CMP-08 (for Composition Dealers), significantly reducing manual effort.
* **Direct Filing:** TallyPrime's "Connected GST" feature allows direct uploading of return data (e.g., GSTR-1, GSTR-3B) to the GST portal using DSC (Digital Signature Certificate) or EVC (Electronic Verification Code), eliminating the need to visit the portal separately.
* **Error Detection and Correction:** The software includes robust mechanisms to detect errors and discrepancies (e.g., missing GSTINs, mismatched tax values) *before* filing, providing alerts and suggestions for correction to ensure 100% fool-proof returns.
* **Invoice Furnishing Facility (IFF):** Supports IFF for monthly invoice uploads for eligible businesses, ensuring timely compliance.
3. **Intelligent Input Tax Credit (ITC) Management and Reconciliation:**
* **Automated GSTR-2A/2B Reconciliation:** TallyPrime allows you to download and automatically reconcile your GSTR-2A and GSTR-2B data with your books of accounts. This provides a detailed summary of reconciled transactions and highlights mismatches.
* **ITC at-Risk Insights:** The accounts payable reports in TallyPrime offer valuable insights into "ITC at-risk," highlighting potential issues and even suggesting balances to be paid to avoid problems, empowering businesses to maximize their ITC claims.
* **Mismatch Resolution:** Simplifies the process of identifying and resolving discrepancies between your purchase records and supplier's uploaded data, crucial for accurate ITC claims.
4. **Comprehensive Business Management Beyond GST:**
* **Accounting and Financial Management:** Manages all aspects of accounting, including ledger creation, voucher entry (purchase, sales, payments, receipts, contra, journal, etc.), bill-wise tracking of outstanding balances, and generation of vital financial reports like Balance Sheet, Profit & Loss Statement, and Cash Flow Statement.
* **Inventory Management:** Efficiently handles inventory, including stock item creation, stock groups, godowns, reorder levels, batch-wise details, and manufacturing processes with Bill of Materials.
* **Payroll Management:** Streamlines payroll processing, including salary calculation, statutory deductions (PF, ESI, TDS on salaries), and generation of payslips and relevant reports.
* **Banking and Cashflow:** Facilitates bank reconciliation, online banking integration, cheque management, and provides insights into cash and fund flows.
* **Multi-GSTIN Support:** Crucially, TallyPrime allows businesses with multiple GST registrations across different states to manage all their transactions and returns within a single company file, offering centralized data management and simplified compliance across branches.
* **TDS & TCS Management:** Simplifies compliance for Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) requirements, with designed return forms that detect errors.
5. **Enhanced User Experience and Compliance Features:**
* **User-Friendly Interface:** Tally Prime boasts an intuitive interface that makes it easy for users, regardless of their accounting expertise, to navigate and utilize its features effectively.
* **Audit Trail (Edit Log):** Compliant with MCA guidelines, Tally Prime maintains a detailed audit trail that records every change made – what changed, when, and by whom – enhancing transparency and simplifying audit processes.
* **Real-time Insights and Notifications:** Provides real-time data on financial performance and compliance status, with notifications for pending GST uploads, return filings, and other important tasks, ensuring timely action.
* **Flexibility and Customization:** Highly customizable to suit diverse business needs, allowing users to tailor reports, invoices, and other functionalities.
* **Data Security:** Employs robust security measures like user authentication, role-based access control, and data encryption to safeguard sensitive financial information.
In summary, Tally Prime with GST is more than just a software; it's a strategic asset for businesses in India. By automating and simplifying complex GST compliance procedures, it minimizes errors, reduces compliance costs, saves valuable time, and provides accurate financial data for better decision-making. This allows businesses to dedicate more resources to growth and innovation, fostering greater operational efficiency and financial health.
