Goods and Services Tax

GST Simplified for your Business

1
GST Rates for Automobiles – The Good, the Bad and the Ugly
2
Quick Guide to GST Bill/ Invoice Numbering
3
How to Define GST Rates and HSN/SAC Codes in Tally.ERP 9
4
Impact of GST on Traders
5
A Guide to Start GST Invoicing from 30th June Midnight
6
5 Things for Businesses to Know as you Welcome GST
7
GST Migration – Goods Sent for Job Work
8
Branch Transfers – How to Calculate the Taxable Value
9
GST Migration – Demystifying the Closing Stock Dilemma
10
Composition Scheme – Impact on SMEs

GST Rates for Automobiles – The Good, the Bad and the Ugly

Ever since GST rates have been announced, potential buyers of passenger vehicles have been wondering – whether they stand to gain or lose, if they buy one in the GST era. In this blog, we will demystify, how the automobile sector fares, on the basis of the GST rates declared by the GST council. Read More

Are you GST ready yet?

Get ready for GST with Tally.ERP 9 Release 6

Quick Guide to GST Bill/ Invoice Numbering

Invoice matching is a unique and critical requirement of the GST regime. Therefore, we can understand that the businesses are worried about how to handle GST Bill Numbering under GST regime. Read More

Are you GST ready yet?

Get ready for GST with Tally.ERP 9 Release 6

How to Define GST Rates and HSN/SAC Codes in Tally.ERP 9

With the introduction of the GST Act, if your business needs HSN/SAC codes and tax rates, you can set these details easily using our GST-ready software, Tally.ERP 9 Release 6. With this, you have the flexibility to configure GST rates and HSN/SAC codes at any level based on your business and reporting needs. Read More

Are you GST ready yet?

Get ready for GST with Tally.ERP 9 Release 6

Impact of GST on Traders

Last updated on July 17th, 2017 at 04:46 pm

On October 14th, 2016 the Confederation of All India Traders (CAIT) signed an MOU with Tally Solutions in order to train their member businesses – roughly 6 lakh traders all over the country, on the subject of GST. While the focus is largely to enable the trading community to appreciate and accept the importance of digital technologies, this association will serve as a guiding light to traders all over the country as we have embraced GST from 1st July. Read More

Are you GST ready yet?

Get ready for GST with Tally.ERP 9 Release 6

A Guide to Start GST Invoicing from 30th June Midnight

Introduction

“At the stroke of the midnight hour, when the world sleeps, India will awake to life and freedom.”

These words of our first Prime Minister Pt. Jawaharlal Nehru, spoken at the midnight of 14th August, 1947 – as India prepared itself to welcome independence from the British rule – will hold true again 70 years later, as the nation prepares itself to herald a new era – promising freedom from tax duplications, freedom from tax complications and freedom from tax corruption. Read More

Are you GST ready yet?

Get ready for GST with Tally.ERP 9 Release 6

5 Things for Businesses to Know as you Welcome GST

Last updated on June 29th, 2017 at 07:04 pm

GST is here. While the entire country gears up to welcome the biggest economic and tax reform since Independence, here is a checklist for you – so that you easily transition into GST. Read More

Are you GST ready yet?

Get ready for GST with Tally.ERP 9 Release 6

GST Migration – Goods Sent for Job Work

Last updated on June 29th, 2017 at 12:13 pm

For manufacturers, an important concern is the tax treatment of goods sent for job work in the current tax regime which are being held by the job worker as on 1st July, 2017 – the date of transition to Goods & Service Tax. Two questions that such principal manufacturers will have are-

  • Will tax be applicable when the goods sent for job work in the current regime are brought back or supplied in the GST regime?
  • What is the documentation required for goods lying with a job worker on 1st July, 2017?

Read More

Are you GST ready yet?

Get ready for GST with Tally.ERP 9 Release 6

Branch Transfers – How to Calculate the Taxable Value

Last updated on June 29th, 2017 at 12:17 pm

Branch transfer refers to the transfer of materials from one unit/location to another unit/location belonging to the same business entity. It is also known as Stock Transfers. Branch transfers are done for various reasons, such as:

  • Transfer of semi-finished goods from the manufacturing unit to another unit for further processing
  • Transfer of goods to godowns/warehouse for further supply
  • Trader may transfer goods to another branch due to demand
  • From the perspective of compliance- to enable the customers (B2B) to avail input tax credit, branch transfers are done and then the sale is affected.

Read More

Are you GST ready yet?

Get ready for GST with Tally.ERP 9 Release 6

GST Migration – Demystifying the Closing Stock Dilemma

With only a few days to go for GST to be rolled out, one of the key points of interest for most businesses are the transition rules and provisions, especially pertaining to the closing stock being held on the transition date. This is super-critical for businesses, as the rules will determine the amount of input tax credit available on the closing stock, and based on that, businesses will need to re-organise themselves in the last few days of the current taxation regime to manage their inventory effectively. Read More

Are you GST ready yet?

Get ready for GST with Tally.ERP 9 Release 6

Composition Scheme – Impact on SMEs

Last updated on June 29th, 2017 at 12:21 pm

The heart of the Indian economy is its small and medium business segment. As on today we have about 50 million SMEs in India – contributing almost 37% of the industrial output and 46% of India’s total export. With a stable growth rate of over 10%, SME India employs a staggering 120 million people and has emerged as the leading employment-generating sector, over the years. It goes without saying, that when the nation is on the verge of a massive taxation regime change in the form of GST – its impact on the life of SMEs is super critical for the nation as a whole. Read More

Are you GST ready yet?

Get ready for GST with Tally.ERP 9 Release 6

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