It’s been almost a month now with the launch of GST (Goods & Services Tax), touted to be India’s biggest tax reform since independence. Many GST experts have already held enough training sessions on how this tax regime will benefit all types of businesses and individuals. Still many of them, especially the users of Tally services have a burning question on their mind which is ‘What role will Tally play in making my business GST ready? This write up will help you in knowing Tally’s strategy relating to GST and how it will enable you to seamlessly shift into GST with its Tally ERP 9 software.
Readiness for GSTN
As all are familiar with the fact that the GST council authorized the law few months back and we are still in the early days of GST implementation. The rules are still being finalized. Completion of GST rules is closely associated with the completion of GSTN APIs and readiness of GSTN. Till the time the GSTN foundation is available with much needed stability, an up-to-date and functional GSTN affiliated product cannot be created for the users. To get over this dependency Tally GST has come up with some measures. Let’s have a look at these measures. The important initial steps for GST readiness include:
Submitting the compliance returns
Readiness for GSTN
As all are familiar with the fact that the GST council authorized the law few months back and we are still in the early days of GST implementation. The rules are still being finalized. Completion of GST rules is closely associated with the completion of GSTN APIs and readiness of GSTN. Till the time the GSTN foundation is available with much needed stability, an up-to-date and functional GSTN affiliated product cannot be created for the users. To get over this dependency Tally GST has come up with some measures. Let’s have a look at these measures. The important initial steps for GST readiness include:
- Creating transactions compliant with GST
- Printing GST invoices
- Maintaining books of accounts
- Making your data visible online on GSTN – you might be surprised with some aspects of it as this is entirely a new activity for you. it’s recommended to follow the below steps so that you gain more confidence in the new phase of filing GST returns:
- Make use of the error solving capability, which is also called triangulation provided in the latest tally software, i.e. Tally ERP 9 to make sure that you don’t upload incorrect transactions and have correct data
- Upload verified transactions to GSTN to diminish any unforced errors With Tally ERP 9 Release 6, one can begin running the entire business operations to adhere to the GST rules using the following competences:
- Get all the GSTIN details of all the customers and suppliers after setting up the much needed tax rates
- Make sure that all new transactions are compliant with GST and print GST invoices
Submitting the compliance returns
- Before uploading any data, use Tally ERP 9 Release 6.0 to confirm precision of transactions as per the GST rules, prior to uploading data
- A precisely formatted Microsoft excel sheet using the software’s latest release should be used to export data
- You then need to import this excel file into the offline utility given by GSTN and generate an output file
- The last step is to upload this extracted file to the portal of GSTN
