Encouraging India towards an API-driven Compliance System, Tally launches TallyPrime 5.0, eyes a CAGR of 30-40% in 3 years

Hyderabad, September 18, 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.

Hyderabad, a leading IT and pharmaceutical hub, is seeing rapid expansion in its MSME sector, contributing significantly to the city’s economic growth. Tally Solutions has been actively partnering with MSMEs in Hyderabad and across Andhra Pradesh to drive digital integration for businesses. The company aims to support the fast-growing MSME sector in the city through its cutting-edge solutions, empowering businesses to streamline operations and scale sustainably.

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, Anil Bhargavan, General Manager – South Zone, 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."