Category: Advanced

Some goods and services fall under the Reverse Charge Mechanism (RCM), where the recipient (buyer) is responsible for paying GST instead of the supplier (seller). If your business sells such RCM-applicable supplies to registered dealers, you must record the transaction correctly in TallyPrime. This post explains how to do that in simple steps with an…

When you purchase goods from unregistered dealers under GST, you’re required to pay tax under the Reverse Charge Mechanism (RCM). This means you, the buyer, must pay the GST directly to the government instead of the seller. In this post, you’ll learn how to record such inward supply of goods in TallyPrime using simple steps…

When you receive services under the Reverse Charge Mechanism (RCM), you’re required to pay GST directly to the government. But if you later return or cancel those services, you can reverse the tax liability proportionally. This guide explains how to do that easily in TallyPrime with a simple, step-by-step example. 1. What is Reverse Charge…

When your business deals with services that fall under Reverse Charge Mechanism (RCM), it’s important to record purchase returns accurately in TallyPrime. This guide will walk you through the complete process in simple language with a clear example. 1. What is Reverse Charge for Services? In a regular GST transaction, the supplier of services charges…

Managing Purchase Returns of Goods under Reverse Charge Mechanism (RCM) in TallyPrime is essential for accurate GST reporting and compliance. If your business makes purchases where you, the recipient, are liable to pay GST under RCM, then handling returns of such purchases requires proper accounting treatment. Let’s walk through this in a simple, clear way…

When you import services from outside India, GST is applicable under Reverse Charge Mechanism (RCM). This means the recipient (you) is liable to pay GST directly to the government and then claim ITC if eligible. TallyPrime helps you account for this entire process—from recording the service expense to raising tax liability and claiming ITC. Let’s…

Under GST, when you import services from a supplier outside India, you, the recipient, are responsible for paying GST under Reverse Charge Mechanism (RCM). TallyPrime allows you to record such transactions easily and maintain accurate GST reports. Let’s go step-by-step with a simple example. 1. What is Import of Services under RCM in TallyPrime? When…

If you are filing GSTR-1, you must report HSN/SAC-wise summary of your sales. TallyPrime makes it simple to view and verify this summary directly from your software. Let’s understand how to check the HSN/SAC summary in GSTR-1 using TallyPrime. 1. What is HSN/SAC Summary in GSTR-1 in TallyPrime? The HSN/SAC Summary in GSTR-1 is a…

When working with services in TallyPrime that are subject to GST, it is important to understand how the software determines which SAC (Service Accounting Code) and GST rate to apply. TallyPrime follows a specific hierarchy to decide this, ensuring accuracy and compliance with GST regulations. 1. Service Ledger in TallyPrime The highest priority is given…

TallyPrime follows a structured hierarchy to determine the HSN Code and GST Rate applicable to goods. If GST details are specified at multiple levels, TallyPrime prioritizes the most specific level first. 1. Hierarchy of HSN Code & GST Rate Application in TallyPrime The order in which HSN Code and GST Rate are applied to goods…