TallyPrime 5.0 introduced with New GST Features and Multilingual Support

Tally, the leading homegrown accounting software company, has announced the release of TallyPrime 5.0. With this new release and other planned product initiatives, the firm hopes to increase its existing user base of more than 2.5 million by 50% over the next three years, with a compound annual growth rate (CAGR) of 30-40%.

The latest version, which includes ‘Connected GST,’ would act as a unified interface for all online GST processes, removing the need to visit the GST portal. TallyPrime 5.0 includes advanced multilingual features to meet growing demand in the Middle East and Bangladesh, including Arabic and Bangla language interfaces with phonetic support.

The new solution includes a direct link to the GST portal, which allows for faster data upload/download, GSTR-1 return filing, and greater reconciliation flexibility, including GSTR-1 and GSTR-3B reconciliation features that are unique to Tally. It also provides Input Tax Credit (ITC) risk analysis and ledger preparation, enabling end-to-end ‘bookkeeping to return filing’ for a seamless experience.

Tejas Goenka, Managing Director of Tally Solutions, stated, “We’re always improving our technology to make business operations easier for MSMEs. Our latest update is intended to make GST filing easier and more convenient for Indian businesses. Currently, a small percentage of companies employ API-based filing, but we hope to alter that. Our recent rollout focuses on consolidating MSMEs’ end-to-end GST filing path, allowing them to save 60%-70% of their time. This release will also provide a real-time status for their suppliers’ GST.”

In FY23, Tally Solutions’ revenue was Rs.578.2 crore, up from Rs.483.2 crore the previous year. The company employs roughly 1,000 workers, with approximately 450 dedicated completely to product development.

Goenka recently said that the corporation is expanding into the Middle East and Africa, among other regions. “India accounts for approximately 90% of our business, and we expect to increase by 30-40% in the future years. We are launching new products and expanding the reach of our partners,” he stated.