Finsights

Record Inward Supply Under Reverse Charge (RCM) Every registered person is aware of the implications of RCM; they are the ones who must pay the tax when transacting with an unregistered person or a person/service from the GST Council’s notified category. Tally Prime allows you to record inward supplies that are subject to reverse charge … Read more

Supply of goods or rendering of services may involve additional expenses, which can either be part of stock items or service value, or can be charged separately. When such an expense is recovered from customers, it is treated as an income. You can create a ledger to round-off the invoice value. You can enable the … Read more

Tally Prime allows you to update a GST service ledger. You must modify your service ledgers to update taxes and other GST details for your service items. Tally solutions offer GST features for service transactions that attract taxes as well; however, in order to access them, you must first complete the following steps: Gateway of … Read more

In Tally Prime, you can create GST party ledgers for the parties with whom you buy and sell goods and services, complete with GST registration information. Depending on the party type, you can create a supplier Ledger, a customer Ledger, and enter the GSTIN/UIN. GST rates can be set in the ledger under non-revenue accounts … Read more

Tally Prime allows you to update stock items and stock groups for GST. If the items have different tax rates, with or without slab rates, update your stock item masters or stock groups with the applicable GST rates, and select the appropriate type of supply. To integrate the stock details along the GST led transaction, … Read more

Under GST in Tally Prime, you can create accounts for various taxes (central tax, state tax, UT tax, integrated tax, and cess), for which you must create GST ledgers or tax ledgers for each tax type. The GST that your company pays in the normal course of business, are the number of ledgers that you … Read more

After completing the first step of activating the GST configurations in Tally Prime as a regular dealer or composition dealer, and if many of the items you sell have the same tax rate, record the tax rate and other GST information in your sales ledger. Likewise, if the tax rates on the items you buy … Read more

Compositions dealers must comply with fewer regulations, are not required to use a predefined format of GST tax invoice, are not required to enter the credit chain, and must file fewer returns. Despite this, composition dealers must follow a set of rules and regulations. Assesses must keep accurate books and records in order to calculate … Read more