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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.
In e-Way bill generation, one of the essential mandatory fields to be filled include the actual distance to be traveled between the source and the destination. As it can be found in case when the pin-to-pin distance is omitted or equaled to zero, this value will be computed by the portal. But the same does not reflect in the invoice nor it is printed in the eWay bill annexure sometimes which leads to a certain amount of mismatch in the documentation. At the moment, the particulars have to be manually updated in the e-Way bill sub-form so that they are printed in the e-Way bill document. But with TallyPrime, it is not going to be difficult at all. In the previous update, it had to be manually entered, but with the present update, the former delivers the pin-to-pin distance, thus aiding distance calculation correctly. Besides, it also renders flexibility and convenience of operation as compared to other methods that would require corrections.
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.
Exportation of goods is one of the most complex processes for which countless documents shall be produced. This also mean that it is important that all the eWay bills should prepared with right details in order to avoid complications in the customs. A common complaint has been on how to correctly say the state and the right PIN Code in export invoices. Thus in the current live business environment TallyPrime provided businesses with the capacity to generate the eWay bills to the export invoices with the proper state and pin codes for improved business success.
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.
It is much easier now to manage situations where GSTIN statuses are invalid. A new addition for bulk conversion to enables them to convert many B2B invoices to B2C at once. It is useful especially when a number of transactions period is struck void due to dormant GSTINs. With this capability, TallyPrime addresses not only the efficient correction of voucher errors but also seamless data flow with GSTN. Moreover, validation and conversion are synchronized with GSTR-1 so there is no transfer of erroneous data and rejection. This improvement is a big boost to accuracy and eliminates unnecessary time wastage.
TallyPrime has now advanced to allow the preparation of annual GSTR-1 returns for any specified period, monthly/quarterly. This is especially good for businesses who need to be continually meet compliance on a yearly basis. In addition to the regular export tools, this new capability automatically facilitates the comparison of GST data for any given period for auditors and reporting needs. By these features, the business will be able to manage and monitor the reporting process and obtain accurate data on compliance without extra time and cost.
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.
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:
The migration process has been made more adaptable, offering users greater flexibility to configure settings based on their business needs:
Transactions labelled with statuses such as ‘Accepted As Is’ or ‘Ignore Validation’ will no longer be considered ‘Excluded’ unless the GST properties of the transactions undergo a change. Earlier, if a transaction was accepted ‘as-is’ or ‘ignore validation’ and, if that resaved, it was counted as Uncertain, whether the returns were filed or not, or whether the returns were signed or not.With the latest release, such transaction will remain unchanged and eliminates necessary to re-verify the past returns, which will help the efficient handling of transactions.
These changes have been made to the newest version of TallyPrime to make GST operations easier and provide users with better control and productivity. From conversion of bulk invoices to quicker calculations, these reforms appear to represent a step closer to a fuss-free and efficient AV GST regime for commerce.
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