Imagine running a restaurant chain with multiple branches across the country. Each month, you're swamped with invoices, sales reports, and tax documentation to keep up with GST filings. Now, instead of manually collating and uploading all that data, what if every transaction—from ingredients purchased to meals sold—automatically synced with the tax portal? This is how Connected GST works: like an automatic pipeline for your GST data, eliminating manual entry and minimizing errors, so you can easily stay compliant without the stress. This new feature of the latest release of TallyPrime 5.0 ensures simplified file returns that ease the process, save time, and still ensures accuracy in data for businesses.
Connected GST is a true game changer for businesses, companies and organizations with seamless GST/Tax processes. This coherent feature allows easy uploads, downloads, auto-reconciliations, and return filing. Connected GST has transformed how businesses handle their GST returns.
Let’s Understand Connected GST in Reality
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GSTR1 & GSTR 3B reconciliation : Both report/returns GSTR 1 and GSTR 3B must match in order to ensure accuracy. While the manual process of reconciling data is crucial, TallyPrime makes the process simpler and straightforward by allowing you to download the auto-reconciled returns by comparing the book data with the portal data.
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Automated ITC Reconciliation : Automated reconciliation is essential for businesses in order to ensure that your input tax credit claims are accurate. With the help of this feature, you can easily keep track of your tax credit and fix any discrepancies or issues that arise.
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Monthly Invoice Upload via IFF (Invoice Furnishing Facility) : Upload your monthly invoices directly from TallyPrime, ensuring timely compliance. This facility is beneficial for SMEs, offering a sense of reliability for businesses that need to upload invoices regularly and ensuring hassle-free, risk-free ITC assurance.
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Streamlined Upload of Invoices : Through TallyPrime, easily upload GSTR-1, GSTR-3B, and CMP-08 directly from the software. No need to log into different Portals to file your GST returns. This process automatically records and submits your invoices, ensuring there are no mistakes. TallyPrime makes filing your GST returns quick and accurate.
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Filing of GSTR-1, CMP-03 : Filing your GST return is made easier with TallyPrime. You can easily file your GSTR-1 and choose how you want to file it - either using a DSG (Digital Signature) or an EVC (Electronic Verification Code) - whichever suits you best.
Tally’s Connected GST Key Features
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Seamless Uploads & Downloads : Easily upload your essential GST forms including GSTR-1, GSTR-3B and CMP-08. Effortlessly download auto-reconciled files for GSTR-1, GSTR-3B, GSTR-2A and GSTR-2B, ensuring smooth management of GST documentation.
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Effortless Filing : Easily file GSTR-1 directly from TallyPrime using your Digital Signature (DSG) or Electronic Verification Code (EVC), all without the need to log in to the GST portal repeatedly.
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Dynamic Party Management :Quickly validate and create client records by accessing real time GSTIN/UIN details from the GST portal. This ensures accurate and efficient party ledger management.
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Insights on ITC at Risk : Proactively track risky Input Tax Credits (ITC) with detailed reports, including ledger vouchers, to address issues before they escalate. These features helps GST management become smoother, faster and more reliable.
How Connected GST Benefits Businesses
Introducing connected GST as a part of TallyPrime’s new release version 5.0 made GST compliance more simple and efficient for businesses and organizations.
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Saves time
This allows to easily automate real-time processes that can seamlessly integrated with the GST portal, freeing up time for business growth. -
Resolve mismatches and rejections
Through connected GST you can ensure that your filing and upload/download processes are smooth while minimizing errors and rejections. -
Ensuring Compliance
Maintain adherence with minimal efforts that reduce the risk of legal & penalty issues. -
Stay Informed
Get real-time updates and clear visibility in compliance and financial transaction directly in TallyPrime.
In conclusion, Connected GST in TallyPrime Release 5.0 offers a much-needed solution for businesses struggling with GST compliance. By simplifying the process of filing returns, automating reconciliations, and making invoice uploads easier, this feature saves valuable time and reduces errors. It allows businesses to focus more on growth rather than getting bogged down in paperwork. With real-time updates and improved accuracy, Connected GST helps ensure that companies stay compliant and avoid penalties. Embracing this feature can lead to a smoother GST management experience, ultimately benefiting your business in the long run.
Antraweb’s Customized Support for Connected GST
At Antraweb Technologies, our decades of Tally expertise allow us to offer customized support tailored to your specific needs. Our trained team is ready to guide clients in setting up Connected GST of TallyPrime 5.0 and helps to optimize your business operations. Contact us today to get the full potential of TallyPrime’s Release, 5.0 - Connected GST.
