Encouraging India towards an API-driven Compliance System, Tally launches TallyPrime 5.0, eyes a CAGR of 30-40% in 3 years
Jaipur, 18 September 2024: With the continued vision to empower the backbone of the Indian economy – the fast-growing MSME sector; Tally Solutions today announced the global launch of the all-new TallyPrime 5.0, elevating its suite of Connected Services. A leading technology company providing business management software, Tally brings a new paradigm in connected services with API-driven tax filing. The launch is in line with the company’s vision to enhance business operations for the mid-mass segment both in India and globally.
Rajasthan stands as one of the most attractive tourist destinations, celebrated for its vibrant culture. The state, ranks ranked 5th with regard to registered MSMEs, with over 18 lakh MSMEs registered on Udyam. In Rajasthan’s agriculture-driven economy, industrial development has become crucial in generating employment and boosting growth. With its rich resources, including mineral wealth and renowned handicrafts, the state presents significant opportunities for manufacturing and MSME sector expansion. Within the state, Jaipur, serves as a major hub, hosting over 3 lakh MSMEs, thereby creating significant opportunities for growth. Supporting over 1 lakh businesses in Rajasthan in simplifying their business operations and achieving their growth, Tally anticipates growth of 50% in its customers over the next 3 years and plans to assist this growth through their innovative solutions.
The latest version with ‘Connected GST’ will serve as a consolidated interface for all online GST operations, without having to visit the GST portal. This release further strengthens Tally’s connected experience which includes e-invoicing and e-way bill generation capability, WhatsApp integration, etc. Additionally, addressing the increasing demand in the Middle East and Bangladesh, TallyPrime 5.0 adds advanced multi-lingual capabilities that will extend Arabic and Bangla language interfaces with phonetic support.
The new solution encapsulates an array of unique features including a direct connect* to the GST portal which enables fast data upload/download, GSTR1 return filing, new recon flexibilities, including GSTR-1 recon and GSTR-3B recon features unique to Tally, Input Tax Credit (ITC) at risk identification and ledger creation. The feature also supports end-to-end ‘bookkeeping to return filing’, bringing an integrated experience.
With this new launch and other product pipeline initiatives, Tally is aiming to expand its current user base of 2.5 million+ by 50% over the next 3 years, while eyeing a CAGR growth of 30-40%. Sharing his views, Mr. Balaji S, General Manager – North, Tally Solutions said, ” Our continuous efforts in technology innovation are focused on making business operations smoother for MSMEs. Our latest release is specifically designed to ease GST filing, transforming it into a simpler and more efficient process for Indian businesses. Although API-based filing is still not widely adopted, we’re set to change this trend. This new release will streamline the entire GST filing process, potentially saving MSMEs 60%-70% of their time and offering real-time visibility into their suppliers’ GST status to protect their ITC. We have planned a strong go-to-market approach for the state to ensure maximum businesses benefit from the launch. Our teams and partners are actively connecting with entrepreneurs, chartered accountants, and tax professionals to familiarize them with the product and resolve their queries.”
MSMEs are seeking effective tech solutions for their operations, and TallyPrime 5.0 provides a simple, secure, and reliable solution. It enhances business management with new features and builds on existing ones like e-invoice generation, user-friendly dashboards, WhatsApp integration, and Excel imports. This new launch is in line with Tally’s mission to connect businesses with their ecosystem and elevate user experience. The latest release is free for all active TSS subscribers.
*TallyPrime 5.0 allows online operation for GSTR1, GSTR2A, GSTR2B, GSTR3B and CMP-08