GST is India's single largest tax reform since independence. GST aims to help replace the federal tax structure with a more unified one to help reduce the cascading tax on tax impact, and remove the barriers to trade across state boundaries.
Beyond the change in the rates of goods and services, the process of compliance is undergoing a major shift with the introduction of the idea of invoice matching. This means that instead of filing summarised returns, you will need to submit the details of all your sales invoices once every month. Subsequently, you will need to then formally accept, reject, or modify the automated purchase declarations against you, which will then combine to give you your return.
What does this mean for you? Simple! You need to digitise your data from day one. Learn how we can help!
Learn How Tally Can Help You
Apart from our core strength that helps you automate your business for growth, Tally is dedicated to walking the GST journey with you. Keeping in mind all the laws, the rules, and the intricacies that GST brings, you need a system that can ensure your business complies the way you need it to!
For the last 3 decades, Tally has continuously helped businesses achieve automation to fuel business growth. With GST being a technology-driven tax regime, Tally is already at the forefront to help business manage their compliance in the simplest possible way.
With the GST-ready product, Tally brings you unmatched simplicity and ease of use as you transition from the current taxation to the new world of GST.
Learn how Tally can help you get started on your GST journey in a few easy steps. As the GST technologies and rules mature, Tally will continue to stand by you and provide software updates to make compliance faster and easier.
Versatility that adapts to your business needs
- Tally.ERP 9 will handle all your GST invoicing needs, whether it is simple invoices or advanced ones with multi-Item, multi-tax rates etc
- In addition, you can manage advance receipts, reverse charge, branch transfers, bill of supply, export invoices, input tax credit and other adjustments
- Your tax returns will be a true reflection of your books of accounts with a seamless harmony between them
File the most accurate GST returns
- Now you can avoid the hassles of segregating invoice-wise information as required by GST Return forms.
- You can quickly detect and correct any errors in transactions, from within the return itself and see the real-time effect, to make accurate GST Returns.
- Export your error-free return forms into GSTN Return format which your CA/Tax Consultant can use, or use the GSTN utility to generate the return in the required format and upload to GSTN.
Experience GST-Ready Release
Start with GST-Ready Tally.ERP 9 Release 6, and smoothly move into the new tax era.
GST Concepts and FAQ's
I have VAT number, UAM number. Will that be sufficient for GST registration?
No, even for a business transitioning into GST, PAN will need to be furnished for GST registration. To understand more about the process of registration, please refer our blog postLearn more
If I am providing services across multiple states, can’t I manage with single registration?
No. In the current regime, Service Tax was applicable for services, which required a unified, centralized registration. However, in the current regime, goods and services will have the same treatment, and will be taxed on supply, at the place of supply. This will require separate registration, if services are being provided across multiple states. To understand more, please refer our blog postLearn more
What will be the fate of C Form, H Form and F Form in GST?
In the current regime, C Form is required for CST compliance during inter-state transactions; H Form is issued when the inter-state buyer is an exporter; and F Form is issued as proof of stock transfer. In GST, since GST subsumes all indirect taxes pertaining to inter-state transactions, C Form and H Form will no longer be in existence. Similarly, in GST, since stock transfers are taxable event, F Form will not be required. To know more, about all the forms...Learn more
What is the difference between mixed and composite supply?
Composite Supply means a supply made by a taxable person to a recipient comprising two or more supplies of goods or services, or any combination thereof, which are naturally bundled and supplied in conjunction with each other in the ordinary course of business, one of which is a principal supply. Mixed Supply means two or more individual supplies of goods or services or any combination thereof, made in conjunction with each other by a taxable person for a single price...Learn more
Can we avail excise duty for goods purchased before 1 year?
No, for claiming the excise duty paid against a particular invoice, the date of invoices or any other prescribed duty/tax paying documents must be within 12 months from the date of transitioning to GST. For more understanding, please refer our blog postLearn more
Can we take ITC on stock lying with us before GST, on which we have paid excise?
As per the Transition Rules, those dealers who have purchased excisable goods, directly from the manufacturer / 1st stage dealer / 2nd stage dealer – will be eligible to get 100% credit of the excise paid on closing stock. On the other hand, those dealers, who have purchased excisable goods, but from wholesalers – who pass on the excise component as cost – will be eligible to get only part of the credit, when they sell the goods post GST...Learn more