As the deadline for e-invoicing adoption approaches for GST registered businesses with a turnover of 5 crore and above, Tally Solutions is geared up to assist these businesses in smoothly transitioning to and efficiently managing e-invoicing through its comprehensive and integrated solution – TallyPrime 3.0. The company is diligently engaging in extensive efforts to educate businesses across Mumbai about the necessary amendments to ensure their continued compliance with the regulatory requirements.
Tally has been at the forefront of driving e-invoicing adoption since 2020. To assist MSMEs in seamlessly adopting these new regulations, the company has launched a 360-degree educative campaign in Mumbai. This campaign aims to help over 534094 businesses in Mumbai to understand the implications of e-invoicing, e-way bill, audit trail, and the role of technology in facilitating a smooth transition while enhancing business productivity and profitability. The timing of this mandate is opportune as Tally recently introduced TallyPrime 3.0, a revamped compliance engine equipped with robust reporting capabilities, specifically designed to streamline the management of multiple GSTINs. TallyPrime 3.0 offers enhanced GST rate setup, faster access to GST returns, and an integrated payment request feature aimed at significantly reducing the collection cycle time. The company is conducting awareness and knowledge sharing sessions for local businesses along with industry associations in addition to hyperlocal initiatives to raise awareness around e-invoicing implementation. Tally remains committed to empowering businesses with the knowledge and solutions required to embrace e-invoicing and drive operational efficiency.
Commenting on the initiative, Joyce Ray, India Business Head, Tally Solutions said, “The Government of India’s decision to extend e-invoicing coverage to businesses with a turnover of 5 crores and above, effective from 1st August 2023, marks a significant milestone in bringing a bigger community of businesses under the compliance ecosystem. Initiatives like these have proven to be a game changer in the last 3-4 years to bring efficiency, transparency and profitability in the larger ecosystem. It is truly encouraging to witness Tally’s pivotal role in driving the e-adoption journey of businesses in India since 2020, evident from the fact that Tally continues to be the most preferred e-Invoicing software in the country. With over 7 lakh businesses in India required to adopt e-invoicing by 1st August 2023, this presents a remarkable business opportunity for Tally to further fortify its presence and expand its reach within the country. The trust Tally has earned over its three-decade journey, coupled with its position as a preferred technology partner for e-invoicing adoption, serves as a testament to the company’s unwavering commitment to the MSME ecosystem and their transformative journey.”
Having already supported businesses with higher turnovers in previous e-invoicing implementation phases, Tally is fully equipped to assist this larger segment of the business community in Mumbai as well. With more than three decades of experience in providing comprehensive business management solutions and a deep understanding of MSME requirements, Tally has successfully aided over 2.3 million businesses with their business management solutions over the years. The company’s extensive network of over 28,000 partners enables it to reach business owners across the entire country. Tally continues to be the favored option for small and medium-sized businesses in India, owing to its user-friendly, dependable, and adaptable solutions.