In today's ever-changing landscape, staying compliant is prudent for the growth and success of any business. As your business grows, simplifying the GST compliance becomes essential for smooth business operations. With the latest release, TallyPrime has taken another significant step towards easing compliance by bringing in advanced enhancements to the GST and eWay bill management, while ensuring accuracy and flexibility.
Advanced e-Way bill management
Automatic retrieval of pin-to-pin distance
One of the crucial aspects of e-Way bill generation is to provide the actual distance between the source and destination. In case the pin-to-pin distance is left blank or set to zero, the portal auto-calculates the distance. However, the same doesn't reflect in the invoice, nor does it appear in the printed eWay bill annexure, often leading to potential discrepancies in documentation. Currently, businesses need to manually enter these details in the e-Way bill sub-form to ensure they appear in the printed e-Way bill document. With TallyPrime, you can get past this complexity. With the latest update, it automatically retrieves the pin-to-pin distance, thereby enabling precise distance calculation. This not only ensures seamless operations but also saves valuable time by eliminating the need for corrections.
Seamless support for material in and out transactions
For businesses that require constant material movement, diligent e-Way bill protocol compliance by respective stakeholders is vital. TallyPrime enables seamless eWay bill support for material in and out transactions, thereby allowing job workers to use this seamlessly. Whether you're a business sending materials for job work or a job worker managing incoming materials, this enhancement simplifies the process, allowing businesses to focus more on productivity and less on compliance tasks.
Accurate eWay bill generation for export invoices
Exporting goods involves navigating a maze of documentation. This also means you need to ensure that the eWay bills are generated with accurate details to ensure smooth customs clearance. A common challenge has been specifying the appropriate state and PIN code for export invoices. With TallyPrime, businesses can now generate eWay bills for export invoices with proper State and Pin codes, thereby ensuring smooth business operations.
Simplified GST returns
User-controlled GST status update process
TallyPrime’s latest update ensures greater flexibility and control when managing GST compliance. Changes to master data that may create conflicts with transactions no longer trigger automatic re-computation. Instead, users can consciously choose to update the GST status of affected vouchers only when necessary. This process is specific to the relevant return period, ensuring time-efficient updates without unnecessary disruptions.
Wondering how? When conflicts occur due to changes in GST status in the master, all the affected transactions in the return period are made ‘Optional’ Uncertain. As a result, return values remain unchanged and you can consciously act on these as and when applicable.
Just in case these impacted transactions are not acted on by the user, the enhanced error-prevention mechanism of TallyPrime will alert the users about the ‘optional uncertainties’ in transactions during GST tasks like uploads, e-way bill generation, and e-invoicing. This proactive approach reduces errors and enhances decision-making.
Bulk conversion of B2B invoices to B2C
Handling invalid GSTIN statuses is now more straightforward. The new bulk conversion feature enables businesses to quickly convert multiple B2B invoices to B2C. This is particularly useful when several transactions are marked invalid due to inactive GSTINs. By providing this capability, TallyPrime not only resolves voucher errors efficiently but also ensures smoother data exchange with GSTN. Additionally, the validation and conversion processes are integrated with GSTR-1, preventing errors and rejections before data submission. This improvement significantly enhances accuracy and reduces delays.
Annual GSTR-1 export capability
TallyPrime now offers the flexibility to export annual GSTR-1 returns for any period, including the monthly and quarterly . This is a significant step forward for businesses that need to manage annual compliance efficiently. Beyond the usual annual exports, this new capability simplifies the reconciliation of GST data for any period, making audits and reporting easier than ever. With this feature, businesses can streamline their reporting processes and ensure they stay on top of their compliance requirements without additional effort.
Support for GSTR-2B API version 4
In line with regulatory updates, TallyPrime now supports the latest GSTR-2B API Version 4. This ensures seamless integration with GSTN and keeps businesses up-to-date with the most recent compliance standards. For more details click here.
Other noteworthy changes
In addition to the major updates, TallyPrime’s latest release introduces several enhancements designed to simplify GST management and ensure a smooth onboarding experience for pre-release 3.0 customers:
Quick GST migration setup for smooth onboarding
The migration process has been made more adaptable, offering users greater flexibility to configure settings based on their business needs:
- Flexible voucher numbering: Users can now select whether to retain the existing voucher numbering or renumber vouchers before migration. This ensures alignment with current business practices while providing the convenience of choosing the preferred option.
- HSN applicability setup: During migration, users can configure HSN summary applicability for B2C transactions or for all sections as needed. They can also set the minimum length of HSN to 4, 6, or 8 digits, ensuring transaction statuses are categorized as ‘Included’ or ‘Uncertain’ based on specific requirements.
Enhanced transaction status handling
Transactions marked with statuses like “Accepted As Is” or “Ignore Validation” will now remain “Included” unless there is a specific change to their GST properties. Earlier, when a transaction was marked as "Accepted As Is" or "Ignore Validation," and if those resaved, such transaction were treated as Uncertain, regardless of whether the returns were filed or signed. With the latest release, such transaction will remain unchanged and eliminates necessary to re-verify the past returns, ensuring a smooth and efficient handling of transactions.
Wrapping Up
These updates in TallyPrime’s latest release are designed to simplify GST processes while enhancing user control and efficiency. From bulk invoice conversion to faster computations, these changes promise a more seamless and productive GST experience for businesses.
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