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Budget 2023 – Impact of GST on Cigarettes & Tobacco Products

Tobacco is classified as sin goods; thus, various taxes such as Central Excise duty, National Calamity Contingent Duty (NCCD), GST, and compensation cess are levied on it. The WHO has recommended at least a 75% tax on all tobacco products. However, there isn’t enough tax levied on such products in India. Under the budget 2023, it states that GST on tobacco products and cigarettes will be 28%, which is the highest GST rate in India. In addition to compensation cess levied under the GST law as well as duties imposed under the Central Excise law. It states that all tobacco products, including paan masala, cigars, cigarillos, hookah, and other similar products. While our finance minister, Nirmala Sitharaman, said the last [...]

By |2023-03-21T10:11:59+00:00March 15th, 2023|GST, Uncategorized|Comments Off on Budget 2023 – Impact of GST on Cigarettes & Tobacco Products
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Business GST Returns Filing With Multiple GST Registration

As a business owner, you must comply with certain regulations, which includes business GST registration. When it comes to GST registration, many different processes are involved, including multiple registrations under gst. According to the law, all those businesses in multiple states must comply with multiple registrations. However, if you are in different states then you must apply for the gst registration for branches in different states. On top of that, those businesses with branches in the state do not require registering for the multiple GST registration. Businesses with similar circumstances should mark the location as the primary and secondary places of business. Alternatively, you can also have multiple gst registration in same state. All business verticals can register for a [...]

By |2023-02-10T09:24:26+00:00February 9th, 2023|Business, GST, GST Registration process, GST Return Filing|Comments Off on Business GST Returns Filing With Multiple GST Registration
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Multiple GST Registrations: Know How to Manage Books of Accounts

Managing a business effectively requires proper bookkeeping. The bookkeeping must adhere to local laws and regulations to comply with taxes and other levies. Cash flow and financial transactions can be monitored, analyzed, and controlled with the help of accounting and bookkeeping. As the GST Act requires, a GST-registered business must keep its accounting for GST journal entries and records for at least six years. For multiple GST registrations, you must maintain them separately for each GSTIN. This article will examine some of the best practices for managing multiple GST registrations in your books of account. Learn how to The Importance of bookkeeping under GST Bookkeeping under GST is vital since it determines the amount of money being transacted and the [...]

By |2023-02-10T07:52:22+00:00November 22nd, 2022|GST, Uncategorized|Comments Off on Multiple GST Registrations: Know How to Manage Books of Accounts
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5 Key Benefits of ERP for Accounting & Financial Management

Enterprise resource planning (ERP) system is the backbone of all organisations, and accounting software is the cornerstone of ERP. ERP for accounting creates a single source of financial data accessible across departments and multiple business units. It integrates finance and accounting, inventory management, project management, customer relationship management, human resources, etc. ERP software, such as TallyPrime, also helps an organisation achieve greater visibility into its finances, enabling them to make better decisions that drive business growth. Key Benefits of ERP for Accounting and Financial Management 1. Improves Workflow The first key benefit of ERP software is improved workflow. By improving how you manage tasks, do calculations (particularly asset tracking), and other business functions, ERP systems for accounting can help streamline [...]

By |2022-06-08T12:04:09+00:00June 7th, 2022|Business, Finances, GST, Softwares|Comments Off on 5 Key Benefits of ERP for Accounting & Financial Management
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Comparison Between Tally.ERP 9 and TallyPrime

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 [...]

By |2022-12-08T10:11:25+00:00January 15th, 2021|Business, Finances, goods and services tax, GST, Tax|Comments Off on Comparison Between Tally.ERP 9 and TallyPrime
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What is the Difference Between DSC, E-sign and EVC in a GST Portal?

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 […]

By |2023-03-16T06:22:50+00:00November 20th, 2020|GST, Business, Finances, goods and services tax, Softwares, Tax, Technology|Comments Off on What is the Difference Between DSC, E-sign and EVC in a GST Portal?
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Income Tax Relief Measures in India Amid COVID-19

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 [...]

By |2022-09-28T07:41:32+00:00September 7th, 2020|Business, Finances, goods and services tax, GST, Tax|Comments Off on Income Tax Relief Measures in India Amid COVID-19
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Democratising Access to Tally Enhancements

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 [...]

By |2023-02-17T06:18:37+00:00July 6th, 2019|Accounting Software, Business, goods and services tax, GST|Comments Off on Democratising Access to Tally Enhancements
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Understanding Form GSTR-2 Part 5

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 […]

By |2023-02-17T06:19:56+00:00October 6th, 2017|filing gstr-2, filing gstr-2 online, GST, gstr 2 filing procedure, gstr 2 filing process, gstr 2 guide, gstr-2, gstr-2 filing, gstr-2 filing step by step procedure, how to file gstr 2, Tax|Comments Off on Understanding Form GSTR-2 Part 5
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5 Steps to Make GST Returns Filing Easier

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 importance […]

By |2023-03-23T07:21:10+00:00October 4th, 2017|easy way to file gst returns, file gst returns online, filing gst returns, filing gst returns step by step, GST, gst return filing process, GST Returns, gst returns online, steps to file gst returns, Tax|Comments Off on 5 Steps to Make GST Returns Filing Easier
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UQC (Unit Quantity Code) in GST

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 […]

By |2023-02-17T06:03:52+00:00October 3rd, 2017|GST, Tax, Unit Quantity Code, Unit Quantity Code in gst, Unit Quantity Code list, Unit Quantity Code under gst, uqc, uqc in gst, uqc in gst returns, uqc list, what is Unit Quantity Code, what is uqc|Comments Off on UQC (Unit Quantity Code) in GST
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How to Verify GSTIN

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 […]

By |2021-11-10T06:12:42+00:00October 3rd, 2017|check gstin, GST, GSTIN, gstin verification, Tax, verify gstin, verify gstin is genuine or not, verify suppliers gstin|Comments Off on How to Verify GSTIN
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Services Supplied to Nepal and Bhutan: Export or Not?

In our previous blog on imports and exports under GST, we had learnt about the conditions to be satisfied for a supply to be considered as an export of service. Let us list them down again: The supplier of the service should be located in India The recipient of the service should be located outside India The place of supply of the service should be outside India The payment for the service should be received by the supplier in convertible foreign exchange The supplier and recipient are not establishments of the same person When services are supplied to Nepal or Bhutan, all of the above conditions can be satisfied, except the condition ‘The payment for the service has been received […]

By |2023-03-23T10:05:19+00:00September 29th, 2017|exports to bhutan, exports to nepal, exports to nepal and bhutan, GST, services exported to bhutan, services exported to nepal, services supplied to bhutan, services supplied to nepal, services supplied to nepal and bhutan, Tax|Comments Off on Services Supplied to Nepal and Bhutan: Export or Not?
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Tax Liability on Transportation Charges in Invoice

In our previous blogs , we have discussed in detail the liability of tax on transportation services availed from a GTA. Based on the type of person availing the service, the liability of tax falls upon the service receiver or the GTA. In addition to transportation services taken from a GTA, there can also be a case where the supplier of goods transports the goods to the recipient and levies transportation charges in the invoice. In such a case, let us understand how the transportation charges levied by the supplier is treated under GST. In this regard, the areas to be discussed are: 1. Is there a tax liability on the transportation charges levied in the invoice? If so, who […]

By |2023-02-17T06:25:25+00:00September 29th, 2017|GST, gta, gta under gst, Tax, transportataion charges in gst, transportation charges, transportation charges after gst, transportation charges in invoice, transportation charges in invoice under gst, transportation charges levied by supplier, transportation charges under gst|Comments Off on Tax Liability on Transportation Charges in Invoice
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How to File GSTR-2: Part 2

In our previous blogs  How to File GSTR-2: Part 1, we understood the details required to be furnished in table 3 of GSTR-2. In this blog, we will discuss how to File GSTR 2 -Table 4 . In table 4 of GSTR-2, you need to mention the details of inward supplies on which tax has to be paid on reverse charge. The details in table 4 of GSTR-2 are required to be furnished invoice-wise and rate-wise. As shown in the above image, the table 4 of GSTR-2 is categorized into 3 parts – 4A, 4B, and 4C 4A: Inward supplies received from registered supplier attracting reverse charge 4B: Inward supplies received from unregistered dealer (URD) 4C: Tax paid on reverse […]

By |2022-03-15T10:23:02+00:00September 27th, 2017|file gstr 2 online, file gstr-2, GST, gstr 2 filing procedure, gstr 2 filing process, gstr 2 form download, gstr-2, gstr-2 form, gstr-2 format, how to file gstr 2, step by step guide to file gstr 2, Tax|Comments Off on How to File GSTR-2: Part 2
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Mismatch of GSTR-3B with GSTR-3

In our earlier blog, ‘Matching of GSTR-3B with GSTR-1, GSTR-2 and GSTR-3’ we discussed on how the GST system reconciles GSTR-3B with Forms GSTR-1, GSTR-2 and GSTR-3.In this blog, we will discuss about the impact of mismatch of GSTR-3B with GSTR-3 on businesses. After matching GSTR-3B with GSTR-3, the outcome will result into any one of the following situation. Tax paid as per GSTR-3B matches with tax payable in GSTR-3 Tax paid as per GSTR-3B is less than the tax payable in GSTR-3 ITC claimed in GSTR-3B is more than the eligible ITC in GSTR-2 ITC claimed in GSTR-3B is less than the eligible ITC in GSTR-2 Tax paid as per GSTR-3B is more than the tax payable in GSTR-3 […]

By |2022-06-09T13:30:21+00:00September 27th, 2017|after matching gstr-3b with gstr-3, GST, gstr 3b and gst 3 details mismatch, mismatch between gstr-3b with gstr-3, mismatch of gstr 3b with 3, mismatch of gstr-3b deatils with gstr-3, mismatch of gstr-3b with gstr-3, mismatch of gstr-3b with gstr-3 deatils, Tax|Comments Off on Mismatch of GSTR-3B with GSTR-3
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Consignment Sales under GST

  What is a Consignment Sale? A Consignment Sale is a trade arrangement in which a seller sends the goods to a buyer or reseller; but the payment to the seller happens as and when the goods are sold. The seller remains the owner of the goods or, in other words, the title holder of the goods until they are paid for in full and also, after a certain period, takes back the unsold goods. In most of the cases, such resellers work on a commission basis. Consignment sales under GST has a relatively new treatment which need to be evaluated by businesses. Key Features of a Consignment Sale The relation between the two parties is that of consignor (one […]

By |2023-03-16T05:55:07+00:00September 25th, 2017|consignment sale meaning, consignment sales features, consignment sales in gst, consignment sales under gst, GST, gst on consignment sales, Tax, valuation of consignment sales, valuation of consignment sales under gst, what is consignment sale|Comments Off on Consignment Sales under GST
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Due Date to File GST TRAN-1 Extended

Through the press release of the 21st GST Council meeting held in Hyderabad on 9th September 2017, it had been clarified that that the due date to file GST TRAN-1 has been extended till 31st October, 2017. The decision was applauded by most businesses, since it provided an additional month’s time to prepare and file TRAN-1 in the GST Portal. Also, it was decided to allow businesses to revise the details submitted in TRAN-1. However,  the circular dated 18th September, 2017 on extension of the last date to file GST TRAN-1 has started creating confusion among taxpayers on the correct due date to file GST TRAN-1. What was the circular on extension of time to file GST TRAN-1 all about? The circular […]

By |2023-02-17T06:26:56+00:00September 25th, 2017|due date to file gst tran-1, GST, gst tran-1, gst tran-1 due date, gst tran-1 last date, gst tran1 filing last date, Tax, tran-1 due date, tran-1 last date, tran1 due date, tran1 filing due date, tran1 filing last date|Comments Off on Due Date to File GST TRAN-1 Extended
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What is GSTR-2 and GSTR-2A

The extension of due dates to file GSTR-1, GSTR-2 and GSTR-3 of July 2017 is a welcome move, as it provides an additional time for businesses to prepare the accurate returns for better compliance. Now, the businesses are required to file GSTR-1 by 10th October, 2017, GSTR-2 by 31st October, 2017 and GSTR-3 by 10th November, 2017. To know more on the revised due dates, please read ‘GST Return Dates: for August and September, 2017’. As you already know, returns filed through Form GSTR-3B is just an interim return and the regular returns in GSTR-1, GSTR-2 and GSTR-3 are required to be filed by the businesses. In our previous blog ‘Guide to File GSTR-1’, we discussed about the components and […]

By |2023-02-08T05:11:20+00:00September 22nd, 2017|form gstr 2, form gstr 2a, GST, gstr-2, gstr-2a, gstr-2a and gstr-2 relevance, how gstr-2 is realted to gstr-2a, Tax, what is form gstr 2, what is form gstr 2a, what is gstr 2, what is gstr 2a|Comments Off on What is GSTR-2 and GSTR-2A
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How to File GST TRAN-1: Part 6

In our series of blog posts on “How to File Form GST TRAN-1”, we have discussed about  various business scenarios in Part-1 to Part-5. In this blog, we shall discuss about the following: : Applicability of Table 8 of Form GST TRAN-1 How to fill Table 8 of Form GST TRAN-1 Applicability of table 8 of GST TRAN-1 In the erstwhile regime of Service Tax, centralized registration was issued to Service Providers and the same registration was applicable for Pan India operations. Similarly, the concept of centralized registration was available for certain notified scenarios under Central Excise. In GST, businesses are required to be registered in every State from where outward supplies are made. Now, these businesses who had centralized […]

By |2021-05-29T13:18:28+00:00September 21st, 2017|file GST form TRAN-1, file GST TRAN-1, file tran-1, GST, GST TRAN-1 filing, how to file TRAN-1, how to fill table 8 of tran-1, step by step guide to file TRAN-1, table 8 of gst tran-1, Tax, when table 8 of tran-1 is applicable|Comments Off on How to File GST TRAN-1: Part 6
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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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