How to Manage Multi GST in Tally Prime?

Managing multi-GST compliance is a big challenge for businesses, especially for those operating in multiple states in India. Under GST, companies have to follow complex rules, manage multiple GST registrations, and ensure timely filings.

In this post, we will take you through managing multi-GST in Tally Prime and why it is something you must know as an accounting professional. If you are undertaking a GST or Tally Course, this guide will enhance your knowledge of GST compliance.

Basics of Requirement for MultiGST

Businesses operating in more than one state under GST must have a different GSTIN for each state to maintain compliance with local regulations, such as record-keeping, return filing, and reconciliation. Tally Prime streamlines this process with tools to efficiently manage multi-GST compliance, reducing manual effort and ensuring tax compliance.

Features of Tally Prime for Multi GST Management

1. Multi GSTIN Setup

• Tally Prime enables businesses to set up and manage multiple GSTINs in one company profile.
• Each of the GSTIN is related to its state and, hence, the business ensures all compliance for its transactions in that state.

2. State-wise Taxation

• Tally Prime also supports automatic tax computation on the state of supply and destination.
• It correctly bifurcates the amount of CGST, SGST, and IGST for intrastate and interstate transactions.

3. Hassle-free Invoicing

• The software facilitates GST-compliant invoice generation with multiple GSTIN facilities.
• Generate an invoice containing all correct tax components by fetching data based on GSTIN applicable to a transaction.

4. Tax Reports and Returns

GST returns like GSTR-1, GSTR-3B, and others will be generated based on the accuracy of multi-GSTIN data.
Simplify GST filing by directly exporting returns from Tally Prime.

5. Audit Trail

    Tally Prime maintains the audit trail for GST transactions, ensuring that the transactions are transparent and that errors can be identified and corrected.

How to Manage Multi GST in Tally Prime

Step 1: Enable GST in Tally Prime
Before managing multi GST, you need to enable the GST feature:

•  Go to Features (F11) > Statutory and Taxation.
• Allow GST and enter relevant information, which includes the nature of registration, GSTIN, and applicable GST rates.

Step 2: Creation of Multiple GSTINs

• Gateway of Tally> Alter> Company.
• Under GST Details, enter all the GSTINs for different states where business activities are carried on.
  Assign the GSTINs to the specific state for appropriate compliance.

Step 3: Creation of Ledgers and Groups

• Develop customer and supplier ledgers with links to their respective GSTIN and State.
• Use Tally’s grouping feature to categorize transactions and streamline GST compliance.

Step 4: Recording Multi-GST Transactions

When recording transactions:

• Choose the correct GSTIN based on the state of supply.
• Tally Prime will automatically calculate and apply the correct CGST, SGST, or IGST.

Step 5: Generating GST Reports

•  Access GST reports from Display > Statutory Reports > GST Reports.
•  Verify state-wise tax details and reconcile them before filing returns.

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Benefits of Using Tally Prime for Multi GST

1. Time Efficiency
        Automates repetitive tasks and thereby reduces manual effort and errors.
   2. Compliance Assurance
        This ensures compliance with GST laws as the state-wise rules and tax calculations are integrated.
   3. Scalability
        Suitable for all sizes of businesses-from a startup to the largest corporate setups with complex GST requirements.
   4. Ease of Use
        The intuitive interface makes it easy for professionals, even those new to GST compliance, to manage transactions.
   5. Cost-Effective Solution
        It provides a wide suite of features for a price that is competitive so that businesses get more for their money.

Importance of learning Multi GST Management

Whether you are an accounting student or a business owner, learning multi-GST management in Tally Prime can prove to be an added advantage. By attending an Accounting and Taxation Course, one is perfectly equipped to address practical case studies accurately.

Accounting and Taxation cover typically the following topics:

• GST laws and their implementation.
• Practical training using Tally Prime: Multi GST.
• Invoicing under GST returns and reconciliation.

Advanced Tips for Multi GST Management in Tally Prime

1. Use E-Way Bill Integration

In the case of goods transportation, the E-Way Bill management is one of the important aspects for any business entity under GST. With Tally Prime, E-Way Bill generation is directly integrated with you to handle this simultaneously along with multi-GST compliance.

2. Periodical Reconciliation

Regular reconciliation of GST data is crucial to ensure accuracy. Use Tally's reconciliation tools to match GST returns with books of accounts and identify discrepancies promptly.

3. GST Filing Features

Tally Prime enables you to export GST data in JSON or Excel formats, which makes filing easier on the GST portal. This feature is especially helpful for multi-GST compliance as it consolidates data for all GSTINs.

4. Stay Updated

Tax laws keep changing. Update your Tally Prime software regularly to enjoy new features and remain compliant with the latest GST regulations.

Conclusion

Managing multi-GST in Tally Prime is not a complex process. Businesses can streamline their GST compliance effectively by using its features and integrating proper accounting practices.
Tally Prime simplifies multi-GST management, ensuring businesses remain compliant while reducing manual effort. Whether you’re a business owner or an aspiring professional, learning to manage multi-GST in Tally Prime is a step toward financial and operational excellence.