As one of the best business management software, Tally is used by business owners, Accountants and other Tally users for more than three decades. During these years, Tally ensured to deliver top-performance by releasing various Tally versions which offered major improvements and enhancements. Thus, with the new release - TallyPrime - Tally aims to transform various business operations, providing you with greater flexibility and efficiency. Note: Tally has also launched TallyPrime Release 1.1 A. What is TallyPrime? The all-new TallyPrime is a better and smarter version of Tally.ERP 9. While it retains the simplicity of the Tally.ERP 9 software, it offers much more enhanced features that help you to improve different operations leading to seamless workflow and greater productivity. As [...]
As a value-added tax, GST is levied on most goods and services that are sold for domestic consumption in India. GST (goods and services tax) is a comprehensive, multi-stage, destination-based tax: comprehensive because it has subsumed almost all the indirect taxes (Excise duty, VAT, Service tax) except for a few state taxes. In simple words, GST is an indirect tax on the supply of goods and services used in India. Understanding the process of payment through the GST portal is important, as it is a necessary payment to help the government keep track of the supply & demand as well as provide the best quality goods and services to consumers. There are a few ways to find user authentication in […]
During the COVID-19 pandemic, the central and many state governments are in the thick of the action to provide tax relief to taxpayers. This article offers an overview of the recent Direct and Indirect Key income tax relief provided by the government. Take a look! A. Direct Tax Return Filing OF Income The due date for filing late and revised returns of income for the assessment year 2019-20 was extended from 31 March to 30 June 2020. Additionally, the due date of all income-tax return for FY 2019-20 is extended from 31 July 2020 and 31 October 2020 to 30 November 2020 and tax audit from 30 September 2020 to 31 October 2020. The timeline for linking Aadhaar with PAN [...]
If you use Tally, you have at some point of time or the other gotten custom development done to meet your business’ very specific requirements. You’ve also probably experienced a disparate, disorganised ecosystem of partners providing you varying levels of service and varying levels of quality when it comes to delivering these custom modules or add-ons to you. We at Mark IT recognise this pain point and have been working hard to provide a solution that is standardised, transparent and cost-effective for all of our customers. Our solution, which we’ve come up with after months of customer feedback and internal brainstorming is called PowerPacks. A PowerPack is an affordable, transparent & powerful subscription-based module built on top of the Tally [...]
GST (Goods and services tax) – India – Tally Solutions How GST will Reduce Tax Evasion It has been 4 months since GST has been introduced in India. Since its introduction on the 1st of July 2017, GST has subsumed various taxes like Service Tax, VAT, and Excise… The post How GST will Reduce Tax Evasion appeared first on GST (Goods and services tax) – India – Tally Solutions.
GST (Goods and services tax) – India – Tally Solutions Understanding GSTR-2 Part 6 In our previous blog How to File GSTR-2 PART5, we discussed about furnishing details of Debit/Credit Notes for supplies from a registered supplier in Table 6C of GSTR-2. In this blog, we will discuss about filing GSTR-2 table 6C with the details of Debit/Credit Note… The post Understanding GSTR-2 Part 6 appeared first on GST (Goods and services tax) – India – Tally Solutions.
In our previous blog How to File GSTR-2 PART-4, we discussed about the different components of table 6 of GSTR-2. In this blog, we will discuss about furnishing details of Debit/Credit Note in 6C of GSTR-2. This blog is your guide to file GSTR-2 -Table 6C In 6C of GSTR-2, the details of Debit Note or Credit Note issued during the month will be captured. Below are scenarios in which Credit Note and Debit Note will be recorded by your supplier. Credit Note: Sales return, de-escalation (decrease) in price, downward revision of rate of tax and subsequently the tax amount Debit Note: Escalation (increase) in price and upward revision of rate of tax and subsequently the tax amount From the […]
Introduction The GST regime is very different from the previous indirect tax regime, in more ways than one. However the biggest difference is in the nature of compliance, which has undergone a major change. In the previous regime, it was not mandatory for a buyer or supplier to reconcile their invoices before filing onto the government’s systems. Under GST, a buyer will need to reconcile inward supply invoices with the outward supply of their vendor to be eligible for input tax credit before filing periodic returns. In case a buyer today, files the tax returns without reconciling with his supplier, he will be carrying a risk of loss of Input Tax Credit (ITC). Given that ITC is of crucial […]
The time to furnish your first GSTR-1 is fast approaching. In Form GSTR-1, and in the monthly returns to be furnished by a regular dealer, details of UQC are asked for. In this blog, let us understand what UQC in GST is and how to know your UQC. UQC (Unit Quantity Code) in GST UQC stands for Unit Quantity Code. The intent of using UQC in GST returns is to maintain a standardised terminology for units of measure. Every taxpayer could be using different names for the same unit of measure and this makes it difficult for the Department to track or arrive at analyses. For example, one taxpayer could be using Kgs as the unit of measure and another […]
GSTIN (Goods and Services Tax Identification Number) is the identification number given to every person registered under GST. In your business dealings, especially with new suppliers, you may want to verify GSTIN quoted by your supplier. Under GST, as your input credit depends upon your supplier’s compliance, it is important to ensure that the GSTIN quoted by your supplier is genuine. End consumers may also face situations where they doubt the correctness of the GSTIN quoted in a supplier’s invoice and would like to verify the details. In the past, certain cases have also been reported where suppliers who are not registered under GST have mentioned a fake GSTIN in invoices and collected tax. In an earlier blog, we have […]