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Input Tax Credit Rules under New GST Returns

GST (Goods and services tax) – India – Tally Solutions Input Tax Credit Rules under New GST Returns Input Tax Credit is the heart of GST compliance for all taxpayers. It is the provision of input tax credit that ensures that taxpayers only need to pay GST on the value added to the goods or services supplied. In the first phase of GST… The post Input Tax Credit Rules under New GST Returns appeared first on GST (Goods and services tax) – India – Tally Solutions.

New GST Input Tax Credit Rules

GST (Goods and services tax) – India – Tally Solutions New GST Input Tax Credit Rules Input Tax Credit is the heart of GST compliance for all taxpayers. It is the provision of input tax credit that ensures that taxpayers only need to pay GST on the value added to the goods or services supplied. In the first phase of GST… The post New GST Input Tax Credit Rules appeared first on GST (Goods and services tax) – India – Tally Solutions.

Invoice Matching under GST for ITC

GST (Goods and services tax) – India – Tally Solutions Invoice Matching under GST for ITC Under GST, a recipient of a supply can avail input tax credit (ITC) of the supply only on successful matching of invoice details with the supplier. The invoice wise details furnished by… The post Invoice Matching under GST for ITC appeared first on GST (Goods and services tax) – India – Tally Solutions.

Works Contract under GST

  What is works contract? Works contract, by definition, is an agreement to carry out for cash, deferred payment, or other valuable consideration – building, construction, fabrication, completion, erection, installation, fitting out, improvement, modification, repair, maintenance, renovation, alteration or commissioning of any immovable property. Typically, it is a combination of goods and services but is neither a composite nor a mixed supply as defined under the CGST Act. It also includes transfer of property (whether as goods or in some other form), which has happened for the purpose of execution of a works contract. It goes without saying that works contract in general, is of prime importance in the field of real estate. Thus, it is crucial for all real […]

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. 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 or other conveyance, unless they have been further supplied […]

By |2019-12-03T07:04:35+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)

Scenarios where you cannot Avail Input Tax Credit

  In our previous blog we learned about the conditions for availing GST input tax credit and the scenarios in which input tax credit (ITC) can be availed. In this blog, we will discuss the scenarios where you cannot avail Input Tax Credit. Registration not applied for within 30 days from the date on which you become liable to registerIf you have not applied for registration within 30 days from the date on which you become liable to register, you will lose the eligible ITC on inputs and inputs contained in semi-finished or finished goods in stock, on the day before the date on which you become liable to pay tax. After the time limit for availing Input Tax Credit […]

By |2019-12-02T11:35:19+00:00February 4th, 2017|GST, gst input tax credit, input credit, input tax credit|Comments Off on Scenarios where you cannot Avail Input Tax Credit

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 […]

By |2019-12-03T07:03:01+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

Moving to GST Era: For Registered Manufacturers

The first and foremost task for you, as a business registered under the current law, is transiting to GST (Goods and Services Tax). While it is important to know the fundamentals of GST, it is also very critical for you to understand GST transition provisions available, and take necessary actions to ensure a smooth transition to GST and leverage on transition benefits. You will need to review your accounting and reporting procedures, procurement, logistic decisions, and so on in advance to avail the appropriate GST input tax credit. For better and ease of understanding, we have categorised GST transition provisions for each of the below business types: GST for Manufacturer GST for Trader GST for Service Provider GST for Manufacturers Some […]

By |2019-03-26T05:46:02+00:00November 10th, 2016|GST, GST input credit set off, input tax credit, manufacturing, Tax|Comments Off on Moving to GST Era: For Registered Manufacturers

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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