Introducing TallyPrime Release 3.0: Empower Your GST Compliance Effortlessly!

Upgrade to the all-new TallyPrime Release 3.0 and experience a suite of powerful capabilities and enhancements that revolutionize the entire GST lifecycle. From setup to invoicing, returns, and reconciliation, managing your GST compliance has never been easier and faster!

Stay on Top of GST Compliance: TallyPrime Release 3.0 brings cutting-edge features like GST reconciliation for GSTR-2A, GSTR-2B, and GSTR-1, ensuring accuracy and seamless compliance.

TallyPrime release 3.0 is built to bring in more features that simplify your GST and business needs.  

Let’s look at 5 new capabilities that come with Release 3.0.

5 New Capabilities of TallyPrime:

1. Instant GST returns:

TallyPrime offers a unique instant, single-key reporting feature for all business reports like Balance sheets, P&L accounts, and now, GST returns in Release 3.0. Regardless of data size, the GST return report opens instantly, saving valuable time in compliance tasks, eliminating waiting, and bringing smiles to users' faces. 

2. GST Return Sign:

TallyPrime Release 3.0 introduces a new feature allowing users to sign GST returns, indicating verification and filing. Once marked as 'Signed', any subsequent modifications in transactions are highlighted, making it convenient to track changes and report amendments in subsequent returns. This feature streamlines the GST return process and ensures accurate compliance management.  

 3. Amendments and Reporting in 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. After filing returns, if errors are found in the invoice amount or total, revisions are possible. The GST portal enables reporting of these revisions as amendments in subsequent returns, even though the filed returns themselves cannot be modified.

TallyPrime's latest release simplifies managing amendments and reporting in GST returns. Once filed on the GST portal, you mark the returns as 'signed,' and the system tracks all modifications, including new additions, for your action. Effortlessly manage the complete cycle of amendments and reporting with TallyPrime.

In TallyPrime, you can easily manage modifications to invoices after filing returns and payments. For instance, if you notice an error in the tax amount after filing an invoice for April 2023, follow these steps:

-Mark the return as signed in TallyPrime after filing returns in the portal.

-Once the returns are signed, any modifications related to the return period will be tracked.

-Modify the April transaction and correct the tax amount.

-TallyPrime will automatically identify and report such modifications under the 'Uncertain Transactions' section in GSTR-1.

-Select the transaction and mention the 'Return effective date,' which is the date when the modifications need to be reported. In this case, use 25th May as the return effective date.

-The modifications will be automatically reported under the 'Amendments' section of May GSTR-1, and the difference amount due to the amendment will be reported in GSTR-3B of May 2023.

-With this seamless process, TallyPrime ensures that you can easily make and report corrections to your tax-related transactions, streamlining your GST compliance and accounting tasks.

4. Track GST Return Activities:

Release 3.0 of TallyPrime simplifies tracking multiple returns, return periods, and registrations with the new 'Track GST Return Activities' report. At the click of a button, users can monitor pending activities across returns and GST registrations, export status, reconciliation, pending signatures, and more. The report allows for easy drilling down to perform desired actions on specific returns. Moreover, users can customize the report in various ways, switching between return-wise and period-wise views, and filtering for pending or completed activities. With this feature, managing GST return tasks becomes effortless and efficient. 

5. Simpler, more flexible, and intuitive configurations:

The latest TallyPrime release introduces enhanced GST configurations, ensuring smooth management of exceptional situations and continuous compliance. New features in Release 3.0 include the ability to mark Registration status as 'Active/Inactive', seamless switchover from composition scheme to regular (and vice-versa) with automatic handling of complexities, simplified GST rate set-up for stock groups, items, and ledgers, easy creation and assignment of multiple voucher series for a single voucher type, and GST calculation support in 'Material in' and 'Material out' voucher types, streamlining operations and saving time. Stay in control and stay compliant with TallyPrime's powerful GST configuration experience.