For businesses under the Goods and Services Tax (GST) system, it is important to ensure timely and accurate invoice submissions. The Invoice Furnishing Facility is an option that enables small businesses operating under the Quarterly Return Monthly Payment scheme to upload their invoices monthly, so their buyers can claim Input Tax Credit in time. TallyPrime is a leading business management software that helps streamline this process efficiently and with minimal errors
Steps to Raise Invoices on IFF in TallyPrime
1. Enable GST and IFF in TallyPrime
In TallyPrime, ensure the GST features are enabled. Proceed to ‘Features’ and toggle the GST compliance option. Now, go to GST settings and set up the IFF option so that invoices can be raised and filed on IFF.
2. Record Your Sales Invoices
While recording sales transactions, each invoice should carry all the compulsory details such as GSTIN, invoice date, taxable value, and applicable tax rates. The GST is calculated automatically by TallyPrime through predefined rules. This reduces the chances of error.
3. GSTR-1 Report
TallyPrime offers a well-structured GSTR-1 report that consists of invoice details to be used for IFF submission. One can go to the ‘GST Reports’ and click on GSTR-1 to view invoices recorded for that particular month.
4. Export GSTR-1 data in JSON Format
After successful validation, export the GSTR-1 data in JSON format from TallyPrime. The JSON format is GST portal-compatible and will upload the data automatically without manual entry.
5. Upload to the GST Portal
Log in to the GST portal, click on the IFF section, and upload the JSON file. Once uploaded successfully, verify the details and submit the data for processing.
6. Verify and File IFF
Before making the final submission, crosscheck the details uploaded to avoid mismatch. Once the details are crosschecked, do the final submission so that buyers can claim ITC without delays.
Advantages of TallyPrime for Filing IFF
Automation for Time Saving- Reduces effort in manual process and speeds up the invoice filing.
Error minimization- Precise tax calculations with minimal risks of non-compliance.
Effortless GST Compliance-Keeps businesses compliant with tax rules without hassle.
Effortless Data Management – Organized and easily accessible invoice database.
Conclusion
TallyPrime for IFF submissions can reduce all the complexity associated with it and increase accuracy and compliance. Automated generation of invoices, GST calculation, and export of reports ensure concentration of businesses more on growth rather than tax complexities. With the usage of TallyPrime’s skills, business keeps one step ahead of the GST while optimizing the financial operations.
