Since the start of GST in all the goods are you confused regarding how to deal with it? Well, Tally.ERP 9 will help you out with your business, with the help of GST classification feature one will be able to record all the GST related details including the rate of GST, the SAC, and HSN.

So you can use the updated GSTY details in future just at the click of a mouse. Want to see how you can do GST classification? Then keep reading.

How to do a GST Classification in Tally?

It is as simple as the creation of an accounting voucher with the help of tally. For its production the GST classification needs to be enabled, the following can do that–

• Open the Gateway to the Tally option, next press the F11 button to reach the features option. This is a fantastic shortcut in the tally.
• Next head to Statutory and taxation option that you see there.
• Type yes in the Set/Alter GST details option that you will find out there.
• Go to the GST details menu and then enable the GST classifications option that will be present there. Type yes and then press enter.
• You will be redirected to the Statutory and taxation screen. Save the details by pressing CTRL+A.

So after enabling it, you can create it quickly with the help of following steps –

• Visit the accounts info option that will be there in the gateway of the tally, next choose the statutory info
• Choose the GST classification option and click on create.
• You will be led to a creation screen, enter the HSN and SAC details.
• Next, choose the taxable in taxability option and select the rate of your GST.
• If needed introduce the cress. Lastly, click on enter and accept it.

That’s all. The GST classifications in Tally will be done. From now onward you can click the GST option, and the tax will automatically be applied on the bill or the calculations. Once the classifications are updated, they will remain as it is and you will not have to perform any lengthy operations. So this is how one can do GST classification in tally and save all the time as well as effort.

There are a lot of benefits for the people that use ERP. ERP can cause a company to grow in no time; there are so many things one can do with ERP software like improving the level of service, reducing the operational cost, reduce the error level by a considerable margin and so on. However, there are some mistakes which people make while implementing ERP. What are the mistakes? Why must you avoid them? Curious to know? Keep reading.

The 10 Worst ERP Implementation Mistakes

• Inadequate Planning – ERP would not be a magic wand so even if you got your software for your company make sure you plan and manage correctly before using.
• The Wrong Customization – while ERP has a lot of customization options most people fail to customize according to the needs of the company. Make sure the customization fits the requirements of the company.
• Miscalculated Expectations – a lot of buyers straightaway buy the product instead of viewing the demo. Naturally, when they use it, they are disappointed. So be smart and check us before purchasing to avoid company failure.
• Weak Management Policies – when ERP is introduced, changes need to come into the company. Make sure all the employees accept the changes and the management policies are strong enough.
• No Maintenance Strategy – a lot of companies forget to update and manage the software. It should be done on a regular basis.
• Choosing The Team – make sure you use the people that have the skill to execute the ERP software. A lot of companies prefer the wrong side.
• Set The Resources – make sure there is enough resources si that the ERP can be implemented properly.
• Dazzled By Features – don’t make the mistake of getting awed by the elements. Instead, use them to build a robust strategy.
• Manage Change – the software is likely to change over time. Make sure you stay up to date and get all the necessary changes done.
• No Communication – make sure there is a plan for project communication so that information is passed on at all levels and there are no issues with ERP handling.

So now you know what the 10 worst ERP implementation mistakes that you must avoid are. Tally.ERP 9 is impressive but be careful not to make the mistakes.

When it comes to Tally, most people confuse Tally GST with Tally.ERP 9. The truth is that both are very different. If you too are confused reading the two, then this article is going to be your way out. Never again will you mix between the two. So let’s take a look.

What is Tally.ERP 9?

Tally.ERP 9 is a software that is used for complete business management and is used by a lot of SMEs all across India and the world. The software is really simple, yet it has got a lot of functions that can be done on it. That is the reason why more and more companies prefer it nowadays.

The functions ate Finance, accounting, inventory, manufacturing, job costing, sales, purchases, branch management, generation and maintenance of payroll and costing. So these are the essential functions that can be done with the help of Tally.ERP 9 software.

What is Tally GST?

When the GST structure got introduced in India, the software needed changes. So Tally launched a release which was called the release 6.x that has got all the capabilities to make everything GST friendly. This is the GST version of the tally, and it is used and adapted by thousands of people in business every month. Popularly this new version is called the Tally GST.

The earlier versions of Tally had lower requirements like service taxes, vat, TDS, excise duty, TCS and so on. Now if your company is GST compliant, then you will naturally have to upgrade to this latest release version. All calculations will be done inclusive of GST, and the older tax formats will be rejected. Thus Tally GST makes sure that you have no mistake in the income tax and tax reports generated are perfect.

So now you know about the main difference between Tally.ERP 9 and Tally GST, choose whether you want to make your company GST compliant or not. Both are different in the kind of calculations they make and not upgrading to the right version can result in a lot of mistakes in the accounting of your company. Even though it is mandatory, some people didn’t upgrade to the latest version that is GST compliant. If you are among them, then you should immediately leave the old Tally.ERP 9 version and get upgraded to Tally GST.

]]> http://rajlaxmiworld.com/blog/2018/09/17/all-you-need-to-know-about-tally-erp-9-and-its-various-products/ Sun, 16 Sep 2018 18:32:13 +0000 http://rajlaxmiworld.com/?p=16006

Do you need software that is going to be the companion for your business? Tall.ERP 9 is the solution. This unique software can handle exceptions; different needs based on companies and are highly flexible. All the accounting & compliance section can be managed easily once you get this software. Let’s take a look at the key features of this software.

Key Features of Tally.ERP 9

Tally.ERP 9 is Simple

There is nothing to be afraid of this user-friendly software. All you need to do is to install, after that the license needs to be activated and its all done, you can do your business-related operations right after these two steps. There are no rulebooks or prerequisites before using the Tally.ERP 9.

Flexibility is the Key

With Tally.ERP 9 flexibility is guaranteed. So no matter whatever your business is, the software is going to adopt the ways and give you simple configurations so that it benefits you to run your business smoothly.

High-Speed Software

Accounting will be done in the blink of an eye. Get reports on profits and balance sheets in real time as the activities take place. It can handle a lot of things simultaneously like a projection of cash flow, stock summary, and statement of profit and loss and so on. If any kind of change is made to the data the effect of these reports will be seen immediately so that your account stays up to date every single moment.

Highly Reliable

Gone are the days when you need to worry about virus attacks or your data getting erased. The data kept in Tally ERP.9 is always secure, safe and completely up to date, so due to any fault in the infrastructure, the data is not going to be lost so you can be completely tension free about losing your valuable records.

Tally.ERP 9 products like tally. Server 9, shopper 9, etc. are also really useful for running the business efficiently. They are the software used to maintain the accounts department of any firm make the necessary changes due to GST, help to maintain all the banking related operations and so on. Make fast decisions as you are always provided with accurate information and instant reports which are going to help you make timely decisions.

A person who is not satisfied with the order passed by the authority may file an appeal to the first appellate on Form GST APL – 01 within 3 months from the date on which law was passed. Please note that even a Commissioner can file an appeal within 6 months from the date on which order was passed.

Next, the officer shall examine the appeal and check its validity based on the regulations of GST Act and any other applicable law. Then he may direct his subordinate for applying to the First Appellate Authority within 6 months of order passing date, the successful application of which, shall be considered as an appeal made against the order otherwise it is deemed invalid. The Appellate Authority acknowledges the same through the form GST APL – 02 and provides the appeal number.

When there is sufficient cause, the hearing may be adjourned by the authority which is allowed only thrice the reasons of which shall be given in writing.

Are additional grounds allowed?
If the appellant is confident that the ground he deems fit is not mentioned in the provisions of GST Act, then he is allowed to go into any reasonable ground of appeal. The First Appellate has the power to confirm, modify or annul any decision. However, the first appellate authority shall not refer the case back to the administration.

What is the time limit for the decision?
Generally, the order is dictated to be passed within 1 year from the date of successful filing of the appeal. In case of an order being stayed by the court or tribunal, the stay period is deemed to be excluded from the time limit.

Once the law is passed a copy of it goes to the respective Commissioners of CGST and SGST. The Revision Authority is allowed to examine the proceedings on its own or the directions of the Commissioner of SGST/CGST. Furthermore, the Chief Commissioner is empowered to pass any order at any interval of time which has not yet been enacted for seamless examination of the appeal.

GST is still in the process of being absorbed by all the small and medium-sized businesses across the country, and there exists some confusion relating to the trade of goods and services for which advance rulings are requested. The appeal against the same can be made too!

]]> http://rajlaxmiworld.com/blog/2018/07/09/improvement-of-the-tax-liability-under-gst/ Sun, 08 Jul 2018 18:55:32 +0000 http://rajlaxmiworld.com/?p=15811

A lot of organizations try to evade tax so under the GST act there are certain provisions by which the tax authorities can recover the tax liabilities from those who try to evade. If the tax demand is not met then the tax authority can start to proceed with the recovery. So to make sure you pay the taxes at the right time without any kind of discrepancy Tally.ERP 9 is the best software that one can use.

The GST act allows the officers to recover any withstanding tax by various methods.

Methods for Recovery of the Tax Liability

• Recovery from another amount that is Owed by the Defaulter
  The officer has the authority to recover any amount of unpaid tax by the process of deducting it from any amount that has been paid in excess by the defaulter. This way the outstanding amount can easily be recovered.
• Recovery through Sale of Goods or Detention
  Under the control of the officer, the goods of the defaulter can be detained or even sold in case the tax is not paid. This ensures everyone pays the taxes on time.
• Recovery from Another Person
  The tax can be recovered from any person that owes money to the tax defaulter. A notice can be issued to such a person telling him to pay the unpaid tax of the defaulter and thus it will get deducted from the money that he owes to the defaulter.
• Recovery through Property
  The officer can detain the property of the defaulter whose GST was not paid. If the detention has been done for 30 days then the property can be sold by the officer for the recovery of the taxes due. The excess amount after selling the property can then be credited to the defaulter.

Thus recovery of tax liability under GST is done very strictly by these methods. Keep filing your tax from time to time to avoid any of these conditions from arising. Tally.ERP 9 will also help to ensure the right amount of taxes is paid.

The taxation game in India has changed, and various GST compliance issues are encountered. Similarly, the transport of goods and services within the state or between different states/regions is charged differently under the new norms.

Do you understand the implications of the e-way bill? The recent regulations have made making the trade easier with different paperwork to be done.

What’s New?

•           Now, only a singular consignment Value will be considered. There is no need of e-way charge if the individual committals are valued below Rs.50,000. This is supposed to help the internet business as well.

•           You are required to create an e-way charge only when your dispatch is valued above Rs.50, 000.

•           Under the old regulation, the e-way charge was not required if the merchandise moved into state or union territory within 10 km range. Now, this has been revised to 50 km, and the registered work specialist has the liberty to create the e-way on account of inter-state developments of merchandise.

•           Earlier, the beneficiary was required to acknowledge or dismiss e-way charge within 72 hour period. Now, you need to acknowledge within 72 hours of when the product is conveyed whichever is earlier.

•           The conveyance of products by Indian Railways implies a compulsory e-way charge.

•           When the relegation is above Rs. 50,000, the e-commerce administrator or any associated organization can create an e-way charge.

•           There have been some geographical exceptions too such as Nepal or Bhutan for which there is no e-way charge required for the freight from/to any of these countries.

•           The govt. has included a new field “Place of Dispatch” in the e-route charge for enhanced safety in case of the vehicle breakdown or any other unfortunate incidents.

 It is believed that with the coming in of so many regulations the smaller organizations such as FMCG, messenger, and web-based business organizations are expected to get the most of the benefits when the e-way charge is being accounted for at so many different levels.

This involves a lot of expenditure of time and energy of the concerned officials and the authority, but it is going to pay off when the customers start to comply with e-way charge norms properly. Taxation is needed for the development of your country and to empower the weaker sections of society. The robust reforms were undertaken by the govt. Is going to make it easier to do business in future!

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In order to stay compliant with the newly implemented GST, you can make use of technology if you are a composite dealer. Composite dealers are not allowed to claim Credit Input Tax on the purchases and technology can help them a lot if staying GST compliant.

Simple Setup of the Tax Rates

Under a composition scheme, the applicable flat tax rate for a dealer or a manufacturer is 1%. To configure all these taxes easily and with just one click, you will need to take the help of technology. It can help you to get all your tax liability numbers in a single click after the ending of every quarter.

Also, there are often changes that are made to the tax rates which are announced by the council of GST from time to time. Using technology can help you to keep track of these changes in tax rates, and also maintains a record of the tax rates. Thus your liabilities get calculated with more accurately.

Segregation of Taxable, Exempt and Nil Turnovers

According to the GST laws that have been implemented the calculation of the composite dealer’s liability tax is made based on a tax percentage over the taxable turnover at a rate that is pre-defined. This taxable turnover, however, is only applicable to the supplies of goods that are taxable, and goods can also be categorized into three categories, namely: taxable, exempt or nil.

With the help of technology, you can leave the categorizing of goods to the business software and focus on other important things instead. Another thing that technology can also help you with is the segregation of taxable earnings and therefore makes sure that you are paying the correct amount of the tax.

As a composite trader, you cannot claim Credit Input Tax on the goods you purchase, but you are required to pay the taxes on the goods that you purchase from usual dealers and unregistered parties. In the first case, you will have to pay SGST and CGST if the purchase is local.

And if the purchase that you make is from the other states, you will have to pay GST on them. Since these taxes cannot be filed under Credit Input Tax, they are to be counted as the cost of the goods. Thus you can be sure of how much tax you are paying. Having technology do that for you makes it a lot easier.

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The Manual billing is not only time consuming but also leaves provision for a lot of errors in the calculation. To avoid this, you should consider using the Tally ERP 9 for your clients. Systematic and smooth calculation with minimal to no errors is what you can expect when you start working with the Tally ERP 9. With this software, it becomes easier while tax filing so there is no miscalculation when it comes to monetary transactions.

There are numerous features of the Tally ERP 9 release 6 which is brand new and super easy to use. Some of the key features of this latest release are listed below.

Some of the major highlights for which you should immediately consider using this software are –

• Print The HSN/SAC Code On The Invoice – There are no longer issues while you print the HSN/SAC code, users can now define them at any required level and Tally ERP 9 will print those codes on the various invoices. You can set the rates at different levels in this release version.
• View Old Data Even After Upgrading It – Did you upgrade your Tally ERP 9 to the latest release? If you still want to view data which has been made in the older releases before the upgrade, it is possible. You can simultaneously work with both the releases as the 6 release will get installed in a completely new folder. The license will be valid for all the releases, and it will run smoothly.
• GST – There is a GST rate sate up screen which is highly useful for tax consultants in their job. You can now set up the rate of GST for a specific slab or price range right from the screen. The issue of GSTIN/UIN not being displayed has also been solved in this release of Tally ERP 9. Now the place of supply also gets printed when users are printing an invoice.
• Licensing – The tally ERP 9 release 6 makes sure not to move to educational mode without displaying any notifications like it used to do in the previous release.

Thus. Tally ERP 9 Release 6 is more advanced than all of its previous versions and is must-have software for tax consultants. All the previous issues present have been resolved in this advanced release.

Looking for a new license or want to upgrade the version or want yearly AMC – drop an email bhagwati@tally.net.in or Visit www.rajlaxmiworld.com

With the introduction of GST, CA’s all over India have had to make major changes to their lifestyles. The GST, or the Goods and Services Tax is quite possibly the most important tax reform that has been introduced in India since after the Independence.

Thanks to the Indian Government introducing this particular tax reform, the lives of several classes of people have also been changed. Those who have been affected the most by the 5ye introduction of GST are business owners, chartered accountants, and tax consultants.

While some people have been affected adversely by the introduction of GST, those who are familiar with the Tally.ERP 9 has not faced a lot of disadvantages.

Tally.ERP 9 is the one-stop solution for all your GST related queries and problems. This software makes it extremely easy to file and return GST on the GSTN portal. Ever since the inception of GST, business owners all over the country have been very nervous, and they have been flocking to CA’s for advice and help.

This nervousness that is most apparent in business owners is owing to the newness of GST. Most people find it especially complicated because this tax reform is different from all the tax reforms India has seen in the past years. While most people are too scared to take the time out and go through the minutes of the GST reform, this has been a boon in disguise for all the chartered accountants in the country.

While they have seen a significant rise in the workload, it also means that their importance has also increased and to sum it up in a sentence, life of CA’s under GST ha improved a lot more than what it was before the introduction and implementation of GST.

Thanks to GST, the market for new and aspiring chartered accountants has opened up a great deal. While earlier CA’s were only needed for simple tax consultations, now, under GST, chartered accountants not only have a duty to advise their clients on the tax returns but also educate them about the GST law.

To comply properly with the new GST law, one has to have a basic understanding of it, and this is where chartered accountants become so important. They can not only help their clients properly understand the GST and its various rules and regulations, but they can also advise on other aspects like registration of businesses under GST, return filing on the GSTN portal and also accounting under GST.

Because of GST, there is a higher need for CA’s in the market, which has opened up and widened the career path of many youths who are chartered accountant aspirants. Thanks to software like the Tally.ERP 9 it is also very easy for CA’s t to help their clients with GST.

Visit www.rajlaxmiworld.com for more information.