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Why Supplier Evaluation is Critical for your Business under GST

In the erstwhile regime, the value of input credit availed by you did not depend on the remittance of tax liability by the supplier. As a result, the compliance of vendor was not an influencing factor in vendor evaluation. Largely, it was all about the cost, quality and efficiency of supplier in delivering the product or services. Under GST, compliance of your vendor will be one of the critical factor in selection/evaluation of your supplier. This is because your input tax credit will be dependent on your supplier’s compliance, that is, your supplier should file the return. He must declare the outward supplies along with the tax payment, and post-matching of invoice. If your supplier fails to furnish a valid return, […]

By |2022-09-28T06:12:38+00:00August 3rd, 2017|GST, gst compliance, gst supply, gst supply conditions, selection of supplier, supplier evaluation, Tax|Comments Off on Why Supplier Evaluation is Critical for your Business under GST

Watchout: Payment Patterns may Change after GST

With GST one of the biggest change in habit would be that accounts need to be maintained regularly on a daily basis and the pressure on compliance would then become much lesser because then it becomes a normal activity. If the accounts are not being maintained regularly then it could end up being a high-stress activity. If you look at the number of compliances, the number of reports that a company needs to regularly file- there are primarily three reports GSTR- 1, GSTR- 2 and GSTR-3. The first return is due on 10th of every month after which you will need to reconcile what everyone else has filed about you by the 15th of every month. Then there is an […]

By |2022-11-29T11:36:53+00:00July 19th, 2017|best gst software, GST, gst compliance, gst non-compliance, gst payment, gst payment india, gst software|Comments Off on Watchout: Payment Patterns may Change after GST

How to Define GST Rates and HSN/SAC Codes in Tally.ERP 9

With the introduction of the GST Act, if your business needs HSN/SAC codes and tax rates, you can set these details easily using our GST-ready software, Tally.ERP 9 Release 6. With this, you have the flexibility to configure GST rates and HSN/SAC codes at any level based on your business and reporting needs. As per the GST Act, based on your yearly turnover and type of business, you need to print HSN/SAC code on invoices and reporting as per the table below: Business Type No. of Digits of HSN Codes Less Than 1.5 Cr Not Required Between 1.5 Cr to 5 Cr First 2 digits Above 5 Cr First 4 digits For Import-Export 8 digits For Services 5 digits Let […]

By |2023-08-07T10:55:59+00:00July 11th, 2017|define gst rate, goods and services tax, GST, gst compliance, gst rate, GST Tax Rates, hsn code, hsn/sac code, tax rate|Comments Off on How to Define GST Rates and HSN/SAC Codes in Tally.ERP 9

5 Things for Businesses to Know as you Welcome GST

GST is here. While the entire country gears up to welcome the biggest economic and tax reform since Independence, here is a checklist for you – so that you easily transition into GST. Here’s looking at 5 main things you need to know in order to have a seamless and effective transition to GST 1. Transition of registration Any dealer who is registered under State VAT, Central Excise, Service tax etc. in the current regime, and holds a valid PAN – shall be given a provisional certificate of registration in GST in Form GST REG-25. Post the issuance of the provisional registration certificate, the dealer will have a time of 90 days in which the prescribed documents will need to […]

By |2023-02-04T08:12:37+00:00June 28th, 2017|goods and services tax, GST, gst checklist, gst compliance, gst impact, tally gst, Tax|Comments Off on 5 Things for Businesses to Know as you Welcome GST

Tally’s GST-Ready Product Release Plan

With just a few weeks left for the roll out of GST, one of the burning questions on your mind as a Tally user is probably, How will Tally support my business to become GST compliant? With this blog post, you will understand Tally & GST product strategy, and how you can smoothly transition into GST with Tally.ERP 9 (now TallyPrime) Release 6.0. State of readiness of GSTN As you know, the GST Council has approved the law, and the rules are now being finalised. Finalisation of GSTN APIs and readiness of GSTN are closely tied to the finalisation of GST rules. Until the GSTN foundation is available with the required stability, it is impossible to create a robust and […]

By |2023-02-17T06:21:24+00:00June 2nd, 2017|goods and services tax, GST, gst compliance, gst india, gst software, gst software india, gst transition, tally erp 9 gst, tally for gst, tally gst, Tally.ERP 9 gst transition|Comments Off on Tally’s GST-Ready Product Release Plan

Life of Chartered Accountants under GST

If one looks at GST, it does seems like a boon for consumers – with the promise of lower prices; for businesses – with the promise of a simplified indirect tax regime; and for the Indian Government – with the promise of higher tax revenues. However, there is another stakeholder in the business ecosystem who stands to benefit immensely from the introduction and gradual roll out of GST – the Chartered Accountant. Here, I am going to list out the key benefits brought about by GST – that will surely make the life of a CA much easier and simpler, in the coming few months and in the future as well. Read: Why Management Accounting Is Important for Decision Making? […]

By |2022-10-29T10:08:46+00:00May 31st, 2017|Chartered Accountant, GST, gst compliance, gst impact, Tax|Comments Off on Life of Chartered Accountants under GST

Assessment of Tax Liability in GST

Assessment of tax means determination of the tax liability of a person. The tax liability of a person is the amount of tax to be paid by a person during a tax period. The types of assessment of tax under GST remain similar to those in the current regime. Broadly, there are 2 types of assessments – assessment by the taxable person himself/herself, i.e., self-assessment, and assessment by the tax authorities. Assessment by the tax authorities are of 4 types: Provisional assessment Scrutiny assessment Best judgement assessment Summary assessment Let us understand these in detail. Self-Assessment Every registered taxable person must assess the tax payable by himself/herself and furnish the relevant return for each tax period. Based on the type […]

By |2021-07-21T10:04:37+00:00March 31st, 2017|goods and services tax, GST, gst assessment, gst compliance, gst Provisional assessment, GST Returns, gst scrutiny, gst self assessment|Comments Off on Assessment of Tax Liability in GST

Have more questions? Check out our FAQs below.

PowerPacks FAQ

A PowerPack is a powerful widget built on top of the Tally platform. It adds value to your business by simplifying key, daily activities that may currently be done manually. A good example is Digital Signature – replace the need for physically signing (or even printing out!) By automatically inserting a digital signature on your entire Tally generated invoices. Saves you a ton of time, saves printing costs and also saves the environment since you print less!
Good Question! Our team is continually improving these PowerPacks. By adopting a subscription model, it allows our team to invest time to continually improve them. In addition, when the Tally platform is upgraded, your PowerPack will always work. Current offerings in the market sell you a ‘perpetual’ file and then charge you exorbitant upgrade fees when a new version comes out. We eliminate all of that and charge you a low fee. Think of it as sacrificing a couple of cups of coffees per year! Surely you can sacrifice 2 cups of coffee for improved productivity at work, right?
No problem! We understand that our customers’ needs evolve over time, and you may not need a certain PowerPack after a certain period of time. If you cancel within 7 days of purchasing the PowerPack, we will refund your money within 3 business days – no questions asked! If you’ve purchased an annual license, you can simply cancel your subscription and your license copy will lapse after your subscription period ends. No surprise charges. EVER!
Come on! You must be joking. Ok, you’re not. Well, the answer, surprisingly, is YES! If you purchase a PowerPack for the whole year, you can get it for only INR 999/year! That is a 15% discount or almost 2 months free 🙂 Happy now?

We’ve designed our PowerPacks to be self-serve and easy to install and use. We also provide you with a user manual and feature list with screenshots to get you started. But if you still have questions, drop us an email at [email protected] and we’ll help you out! If you need more hands-on support, just give us a call or drop an email.

Absolutely! We will continue to build the PowerPacks that serve our customers at an affordable price. We notify our customers when a new PowerPack is available. Meanwhile, if you need something very unique to your business, we have a top-notch development team that is eager to solve complex problems for businesses like yours. Fill out this form, we’ll get in touch with you!
Good question again! Other vendors may offer you a PowerPack (add-on/module) for a flat one-time fee. But what they don’t tell you is that anytime there is a release upgrade or newer version of Tally, the PowerPack will stop working. To get it to work again, you will need to pay the vendor more money. This cycle is never-ending! In addition, other vendors may not update their PowerPacks with additional features. If they do, they may charge you extra for the same. With Mark IT, your PowerPack will always work even if there is a release update. The subscription model also allows us to continually enhance our PowerPacks and pass on the benefits to our customers at no extra cost. Plus, you save a ton of money upfront which you can use for other business improvements!
You can choose between a number of payment types – NEFT, credit or debit card, UPI, EMI or any wallet (like PayTM, PhonePe etc.) Providing flexibility to our customers is important to us, so we ensure to continually add the latest payment methods.
We’re glad you want to! Simply add multiple PowerPacks to your cart and buy! In addition, if you wish to purchase additional PowerPacks for additional serial numbers, simply change the quantity to the appropriate number of serial numbers and you are set. Feel free to add any comments in the Notes section if there is something you need to tell us regarding your order. Trust us, we read every customer’s emails!
A PowerPack is compiled and attached to a single serial number. If you’d like to set up the PowerPack for multiple serial numbers, simply purchase additional PowerPacks for each of your serial numbers. Simple!

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