New Capabilities of TallyPrime that Simplifies GST Compliance for Your Business

India - August 3, 2023 - TallyPrime Release 3.0 comes with newer and more powerful capabilities and enhancements in the entire GST lifecycle from set-up, invoicing, returns, and reconciliation to help you manage your GST compliance needs with greater ease and greater speed.

The latest release of TallyPrime is loaded with key features such as GST reconciliation (GSTR-2A, GSTR-2B, and GSTR-1), multi-GST support in a single company, powerful report filters, and integration with payment gateways

Release 3.0, the latest release of TallyPrime, introduces a new feature that allows you to sign the return. After submitting the returns in the GST portal, you can mark the return report in TallyPrime as ‘Signed’, indicating that the return for a specific period is verified and filed in the portal.

After making the returns as signed, any modification in transactions, including new additions pertaining to the return period, will be identified and highlighted for your action. This way, it becomes easy for you to track the changes and report them as amendments in subsequent returns.

We all know that returns cannot be revised once the GST returns are filed and the tax is remitted. Also, there is no concept of filing revised returns. However, there will be instances that require you to make changes in transactions pertaining to the period for which the returns are already filed.

For several reasons, the deletion of transactions is common practice. As mentioned, with the latest release of TallyPrime, when the transactions are deleted, the voucher is deleted without affecting the already recorded transactions. The best part is that you can track the deleted number and reuse based on the need.

Reporting in Returns

• Mark the return as signed in TallyPrime when returns are filed in the portal.

• Now that returns are signed, any modification pertaining to the return period will be tracked.

• Modify the April transaction and mention the correct tax amount.

• TallyPrime will automatically identify and report all such modifications under the ‘Uncertain Transactions’ section in GSTR-1.

GSTR-2B from the GST Portal

Go to gst.gov website and log in using your username, password, and captcha.

Select Services and then select Returns. Then select Returns Dashboard from the options available. Next, choose File Returns. Then click on GSTR 2B.

Select the Financial Year, Quarter, and Period that you want to view. Click on the Search button. Then fill out the consent form available and submit it.

You will be shown the options to View or Download. You can then select depending on whether you wish to only view or download the document.