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What is Form GST TRAN-1 and when to File it

  Last updated on August 25th, 2017 at 12:36 pm Businesses having carry-over Cenvat credit and Input VAT credit are allowed to carry forward the eligible Cenvat/Input Credit (ITC) from earlier regime to GST. The Cenvat credit including Service Tax will be carried forward as CGST Input Tax credit and VAT including entry tax will be available as SGST Input tax credit. And, also in certain businesses circumstances, input tax credit on closing stock held on 30th June, 2017, will be allowed to carry forward to GST regime. However, to be eligible to carry forward the credit, businesses are required to meet certain conditions. To know more about different business scenarios and conditions, read our blog Moving to GST: For […]

By |2023-03-23T07:57:27+00:00August 24th, 2017|goods and services tax, GST, gst input tax credit, gst itc, GST Return Filing, gst transition, gst transition in india, Tax, tran-1, tran1|Comments Off on What is Form GST TRAN-1 and when to File it
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Your Checklist for Claiming Input Tax Credit (Downloadable)

Input tax credit is a critical component of compliance under GST. While input tax credit is available on all inputs used in the course of business or for furtherance of business, certain conditions have been laid down for claiming the input credit. Also, input tax credit is not allowed on certain inputs. This checklist is a useful ready reckoner for you to claim input tax credit correctly. Read: Your Checklist for Availing GST Input Tax Credit Conditions for claiming input tax credit Negative list (Goods or services on which input tax credit cannot be claimed) ✔ The inputs should be used or intended to be used in the course of business or for furtherance of the business ✔ Motor vehicles […]

By |2023-02-17T06:05:18+00:00August 4th, 2017|goods and services tax, GST, gst input tax credit, gst itc, input credit, input tax credit, Tax|Comments Off on Your Checklist for Claiming Input Tax Credit (Downloadable)
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How to Carry Forward Closing Balance of ITC from Earlier Regime to GST?

GST, a comprehensive indirect tax system, was introduced on 1st July, 2017. The businesses are in the transition phase, and doing everything possible to get equipped with new taxation reform. Among the various aspects, migrating of input tax credit (ITC) is an important one. The closing balance of ITC of CENVAT, VAT, Service Tax as on 30th June, 2017, will be allowed to carry forward as input tax credit to GST. CENVAT (Including Service Tax) will be carried forward as CGST input tax credit, and VAT will be carried forward as SGST input tax credit. While this sounds too simple for businesses, there are certain conditions and actions which businesses need to carry out to get the complete ITC without […]

By |2023-08-07T11:27:41+00:00July 25th, 2017|carry forward closing balance itc, carry forward itc, cenvat to gst, GST, gst input tax credit, gst itc, input tax credit on closing balance, ITC, itc migrate, service tax credit to gst, Tax, vat itc, vat itc to gst|Comments Off on How to Carry Forward Closing Balance of ITC from Earlier Regime to GST?
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Reversal of GST Input Tax Credit (ITC)

GST, a comprehensive indirect tax system introduced on 1st July, 2017, is a transaction-based, technology-driven tax system. Under GST, compliance becomes a key factor for the success and credibility of businesses. GST compliance works on the concept of Self-Monitoring mechanism, under which the input tax credit will be dependent on your supplier’s compliance. This means, your supplier should file the returns, declaring the outward supplies along with the tax payment, and matching of invoice between supplier and recipient of goods and services. This is a major transformation from the earlier compliance process, in which the value of input credit availed by you is not dependent on your suppliers’ compliance. In our earlier blogs ‘GST Input Tax Credit Explained [Video] and […]

By |2022-06-09T10:27:16+00:00July 22nd, 2017|claim itc in gst, goods and services tax, GST, gst india, gst input tax credit, gst itc, ITC, itc reversal|Comments Off on Reversal of GST Input Tax Credit (ITC)
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ISD: How to Distribute Input Tax Credit

In our previous blog Understanding Input Service Distributor (ISD) in GST, we discussed the role of an ISD in GST. In this blog, we will discuss the various conditions applicable for the distribution of credit and the method of distribution of credit to different units (branches). Conditions for distribution of input tax credit by an ISD Learn about the conditions that govern the distribution of input tax credit by an Input Service Distributor (ISD). To streamline this process and ensure accurate allocation of tax credits among various branches or units within an organization, you can use advanced accounting software like Tally Prime. So, let’s take a look at the conditions to get started. 1. An ISD invoice clearly indicating ‘issued […]

By |2023-08-07T10:02:41+00:00April 27th, 2017|goods and services tax, GST, GST input credit set off, gst input tax credit, gst itc, input credit distribution, input service distributor|Comments Off on ISD: How to Distribute Input Tax Credit
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Understanding Input Service Distributor (ISD) in GST

It is quite common that businesses have a distributed system of manufacturing units or service rendering units across the nation. In simple words, businesses with Head Offices (HO) and Branch Offices (BO) which are spread across the nation could be in the same state or a different state. Under this system, in order to have better operational efficiency and control, usually businesses adopt centralized billing for procurement of common services at the HO. This situation leads to the accumulation of input tax credit paid on common inward supplies which are used by the branch units. In order to avoid the aforesaid situation, the concept of Input Service Distributor (ISD) was introduced in CENVAT credit rules, which allows the HO to […]

By |2022-07-20T10:57:16+00:00April 26th, 2017|cenvat credit, goods and services tax, GST, gst input tax credit, gst itc, input service distributor, isd|Comments Off on Understanding Input Service Distributor (ISD) in GST
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Your Checklist for Availing GST Input Tax Credit

In the current tax regime, various conditions are applicable for availing input tax credit. A brief overview is given below: Type of Input Tax Credit Conditions for availing Input Tax Credit (ITC) VAT As a VAT dealer, you can avail credit of the VAT paid on goods purchased in the course of business, for re-sale or for manufacture of goods, subject to conditions. Only purchases from registered dealers within the state are eligible for ITC CENVAT/Service Tax As a manufacturer, you can avail CENVAT credit on all inputs used directly or indirectly in relation to the manufacture of final products. You can also avail ITC on the service tax paid on any input service. If you are a service provider […]

By |2021-11-10T05:59:34+00:00January 18th, 2017|conditions for gst itc, eligibility for gst itc, goods and services tax, GST, gst input tax credit, gst itc, input tax credit|Comments Off on Your Checklist for Availing GST Input Tax Credit
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Have more questions? Check out our FAQs below.

PowerPacks FAQ

What is a PowerPack?

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!

Why do I need to pay annually?

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?

What if I want to cancel? Can I get a refund?

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!

Do you offer discounts?

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?

What if I need support?

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.

I don't see a PowerPack that I want listed here. Are you planning on adding more?

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!

Other Vendors are offering the same PowerPack for a Flat rate. Why should I pay you annually?

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!

What payment types are available to me?

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.

What if I want to buy multiple PowerPacks at the same time?

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!

Can I use a PowerPack on multiple serial numbers?

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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