Encouraging India towards an API-driven Compliance System, Tally eyes a CAGR of 30-40% in 3 years

Chandigarh, September 12, 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.

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 to 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, Tejas Goenka, Managing Director, Tally Solutions said, “We’re continuously innovating our technology to help simplify business operations for MSMEs. Our latest release is designed to make GST filing simpler and hassle-free for Indian businesses. Currently, only a small portion of businesses use API-based filing, but we’re aiming to change that. With this latest launch, our focus is to consolidate the end-to-end GST filing journey of MSMEs, enabling them to save 60%-70% of their time. This release will also give a real-time status of their suppliers’ GST, safeguarding their ITC.”