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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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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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Tips for Choosing the Best Billing and Invoice Software

Handling billing and invoice may not be the most exciting components of running a business, but they are pivotal for the success of an organisation. Streamlining the billing and invoice processes will ensure the payments are received on time. You would also be able to keep tabs and follow up efficiently. Plus, it would help with accurate archiving of invoices & bills issued and received. Choosing the right billing and invoice software will help you achieve all these and more. Thus, here are some tips that will help organisations to find the best invoicing and billing software that fits all their business requirements. Tips to Choose the Best Billing and Invoice Software 1. Know Your Requirements: The first thing you [...]

By |2022-04-08T05:51:52+00:00April 7th, 2022|Business, Finances, Softwares, Technology, Uncategorized|Comments Off on Tips for Choosing the Best Billing and Invoice Software
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What Are The Banking Utilities in TallyPrime?

Bank-related activities are performed by business owners day in day out. The Banking feature in TallyPrime assists and allows business owners to perform several bank-related operations; payments to parties, bank reconciliation, and cheque management. The feature enhances and simplifies the banking experience, saving time, reducing errors, scaling up traceability, and improving productivity. In short, the banking feature in TallyPrime ensures an end-to-end solution to the banking needs required to run your company smoothly. A. Banking Utilities in Tally Prime Among several features supported by TallyPrime in major business operational areas, banking utility is one. TallyPrime is a host for multiple banking utilities that include: 1. Auto Bank Reconciliation Reconciling the company’s books with the bank’s statements is a tedious task [...]

By |2022-01-21T12:51:15+00:00November 6th, 2021|Uncategorized, Finances, Technology|Comments Off on What Are The Banking Utilities in TallyPrime?
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Introduction To TallyPrime Server

With Tally’s latest release TallyPrime, the user experience has enhanced three-fold thanks to numerous features that it offers. In one word, TallyPrimes helps you to #MakeEveryDaySimple and focuses on improving business efficiency by helping you streamline various business processes. If you have not upgraded Tally.ERP 9 to TallyPrime, then its high time that you do so. For now, let’s check out what exactly is TallyPrime Server and its various features and benefits. A. What is TallyPrime Server? TallyPrime Server (previously called Tally.Server 9) is a server-based data architecture that offers powerful features and capabilities that help boost the performance of the Tally software, especially when it is loaded with abundant data. TallyPrime Server is an enterprise-class product that allows two [...]

By |2023-03-16T05:21:37+00:00March 26th, 2021|Uncategorized, Business, Finances, Softwares, Technology|Comments Off on Introduction To TallyPrime Server
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8 Reasons to Shift from Manual Accounting to Computerized Accounting

Introduction In our previous blogs, you would have read about why it’s time to buy a computer for your small business, where we discussed why it is important for every business – big or small – to automate their operations, given the massive digitization taking place all around. Given the obvious benefits, not only from a business view point but also from a compliance angle, business owners across India will look to computerize their business operations in the days to come. However, there is one key aspect which business owners have been typically neglecting over the years, which needs to be computerized just like the rest of the business. Yes, we are talking about the language of business – accounting. […]

By |2023-03-16T06:33:47+00:00October 4th, 2017|computerized accounting advantages, Business, computerized accounting benefits, manual accounting difficulties, manual accounting or computerized accounting, manual or computerized accounting, Uncategorized, why to shift from manual accounting to computerized accounting|Comments Off on 8 Reasons to Shift from Manual Accounting to Computerized Accounting
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Actions for submitting GSTR-2

In our previous blog, we discussed about what is GSTR-2 and the relevance of GSTR-2A with GSTR-2. We also understood, that auto-populated details of inward supplies from GSTR-2A will be available in GSTR-2. Though the details are auto populated, you are required to prepare the return before submitting it. The preparation here refers to reconciliation of inward supplies available in GSTR-2A with the books of accounts, determining the additions, modifications and rejections which are required before submitting GSTR-2. In order to help the businesses to prepare the GSTR-2 return, the GST portal allows the following actions to be performed on the auto-populated details available in GSTR-2. Accept Add Modify Reject Pending Let us discuss each of the above actions on […]

By |2022-05-04T10:36:51+00:00September 22nd, 2017|actions for submitting gstr-2, form gstr 2, gstr-2, how to file gstr 2, Uncategorized|Comments Off on Actions for submitting GSTR-2
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How to Correct GSTR-3B?

The deadline for filing the first GST return, the Form GSTR-3B ended last month on dates August, 25 and August, 28, 2017. Yet, there are many businesses which are still in the process of filing Form GSTR-3B. This being the first GST return and understating the plight of the businesses, the committee has decided to waive the late fee for all the businesses who could not file GSTR-3B for the month of July 2017. However, for late payment, an interest at maximum of 18% will be levied. Form GSTR-3B is the first return, some mistakes or errors are expected in its filing process. Few examples are listed below. “I missed out on adding some outward supplies before arriving at my […]

By |2022-04-13T06:20:08+00:00September 8th, 2017|change details in gstr 3b, correct gstr 3b, correct gstr-3b form, gstr 3b correction, how to correct form gstr 3b, how to correct gstr 3b, Uncategorized, update details in gstr 3b|Comments Off on How to Correct GSTR-3B?
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Structure of your GSTIN

Most of you would have received your 15 digit provisional ID or GSTIN (Goods and Services Tax Identification Number). Under GST, knowing your GSTIN format like the back of your hand is important. It will help you to ensure that your suppliers have quoted your GSTIN correctly in invoices to you, as your input credit is dependent on this. It will also help you to mention your GSTIN correctly in invoices to your customers, as their input credit is dependent on this. This is a guide to the GSTIN format, which will make it easier for you to remember it. Explanation 1st 2 digits: This is the state code as per the Indian Census, 2011, as given below: State code […]

By |2022-04-13T06:32:35+00:00August 11th, 2017|GST, gst identification number, GST number, GST number format, GSTIN, gstin format, gstin full form, gstin registration number, how to get GSTIN, state code list in gst, state code list in gstin, Uncategorized, what is GST number|Comments Off on Structure of your GSTIN
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How to Determine the Place of Supply of Services

In the current tax regime, the provision of a taxable service is subject to service tax.  Service tax is levied by the Central government and is applicable irrespective of whether the provision of service is interstate or intrastate. However, under GST, the place of supply of service will determine the type of tax applicable on the service. This is based on the concept of GST being a ‘destination based consumption tax’, where tax will accrue to the State where the supply is consumed. Hence, it is important to determine the place of supply of services. The rules for determining the place of supply of services are different from the rules for determining the place of supply of goods. In case […]

By |2023-03-23T09:49:07+00:00March 16th, 2017|goods and services tax, GST, gst place of supply, gst supply, gst supply conditions, supply of service, Uncategorized|Comments Off on How to Determine the Place of Supply of Services
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What are the Types of Returns Under GST?

Convergence is the key to GST; convergence between states and central taxes. Consider what happens today. A manufacturer who is compliant under Central Excise, Service Tax, and VAT has to file returns as specified by each of the states.  The manufacturer has to deal with returns, annexures, and registers for Excise, Service tax and VAT with monthly, quarterly, half-yearly and yearly periodicity. With GST in place, it does not matter whether you are a trader, manufacturer or a reseller, you only need to file GST returns. Wow! This sounds good. Let us understand different types of return forms in GST. Under GST, there are 8 forms for filing of returns by tax payers. All these forms are required to be […]

By |2022-06-08T13:09:23+00:00October 13th, 2016|Uncategorized|Comments Off on What are the Types of Returns Under GST?
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How to Amend, Cancel, or Revoke GST Registration

In our previous posts, we discussed how you can transition to a GST Registered Dealer and how to apply for a new GST registration Let us now understand how to: Amend your registration details Apply for cancellation of registration Revoke your registration if it is cancelled Amending Your Registration Details Any change in details furnished at the time of registration must be submitted within 15 days from the date of such changes in Form GST REG-11. Specific changes in Form GST REG-11 relating to the name of the business, partner details, managing committee, and so on, require approval from an officer. After verification, an approval order by the officer is sent in Form GST REG-12 to amend the details. Changes in business […]

By |2023-03-23T08:05:12+00:00October 11th, 2016|Uncategorized|Comments Off on How to Amend, Cancel, or Revoke GST Registration
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Quick Setup for TDS in Tally.ERP 9

Did you know that in Tally.ERP 9, you can implement all Statutory modules and Tally.NET service from just a single screen? Implementing company statutory modules in Tally.ERP 9 involves setting up of statutory masters by entering the required details, creation of needed voucher types and going through advance setup if required. Similarly, setting up Tally.NET also requires creation of  users with different security levels and defining various authorization rights based on business requirements. Let us take an example. The standard steps required to implement statutory module for ‘Tax Deducted at Source’ is shown in the image below: Remembering the sequence of creation of all these ledgers, voucher types and various settings is not a simple task. But, Quick Setup provides […]

By |2023-03-23T07:26:43+00:00July 9th, 2015|Uncategorized|Comments Off on Quick Setup for TDS in Tally.ERP 9
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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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