{"id":107,"date":"2019-09-23T10:51:06","date_gmt":"2019-09-23T10:51:06","guid":{"rendered":"http:\/\/cbitss.com\/blog\/?p=107"},"modified":"2019-09-23T10:51:06","modified_gmt":"2019-09-23T10:51:06","slug":"tally-erp9-and-gst","status":"publish","type":"post","link":"https:\/\/www.cbitss.com\/blog\/tally-erp9-and-gst\/","title":{"rendered":"Tally ERP9 and GST"},"content":{"rendered":"

Introduction Tally ERP-9 & GST<\/b><\/span><\/h1>\n

Tally ERP9<\/b> is developed by Tally Solutions India Private Limited.Tally is a complete business solution, which provides the solution of the accounting needs for business for all types and it supports many currencies as well as multi user interface.It is user friendly account package for computerized accounting software.<\/span> It contains Accounting, Book \u2013 Keeping, Inventory Accounting, Management Information System (MIS) and Payroll (only tally 9 ) etc.<\/span> \"Tally GST <\/b> GST has replaced many Indirect Taxes in India. The <\/span>GST<\/b> Act was passed in the Parliament on 29th March 2017. The Act came into effect on 1st July 2017. Below are the types of Goods and Service Tax<\/span><\/p>\n

Types of ( GST ) Goods and service Tax<\/b><\/span><\/h3>\n

1. <\/b>CGST<\/b><\/span> CGST is a Central Goods and services tax. It is applicable on suppliers dealing within the state.<\/span><\/p>\n

2. <\/b>SGST<\/b><\/span> SGST is a state Goods and services <\/span>tax<\/b>. It is useful to suppliers who dealing within the state. Taxes which are possessed will be shared to state authority body.<\/span><\/p>\n

3. IGST<\/span><\/b> IGST stands for an Integrated Goods and services tax. It is applicable to suppliers who dealing interstate business and import transaction. Taxes which are collected will be shared to central and state authority body.<\/span><\/p>\n

4. <\/b>UTGST<\/b><\/span> If the transaction is related to any union territory (Andaman and Nicobar Island, Lakshadweep, Dadra and Nagar Haveli, Daman and Diu and Chandigarh)<\/span><\/p>\n

Is GST on Track? What we can Infer from the Budget Speech<\/b><\/h3>\n

Our Finance Minister, Mr. xyz , in his Budget Speech, did not elaborately discuss the roadmap of <\/span>GST<\/b>.I thank all individuals from both the Houses for having passed the Constitution Amendment consistently”. He additionally said thanks to the State Governments for settling every important issue in the GST Council. <\/span><\/p>\n

This is a clear indication from the Finance Minister that major hurdles to GST implantation are cleared from the GST Council.<\/span> The FM said that the <\/span>GST<\/span> Council held 9 contest to discuss different issues relating to GST, along with broad contours of the <\/span>GST<\/b> rate format , threshold discharge and framework for composition scheme, details for compensation to States due to implementation of GST, examination of draft model GST law, draft <\/span>IGST<\/b> law and the Compensation Law and administrative mechanism for GST. Further he said that the <\/span>GST Council has finalised its recommendations on almost all the issues based on consensus.<\/b><\/p>\n

Regarding readiness of the new law, our FM said that several teams of officers both from the States and Central Board of Excise and Customs have been <\/span>working tirelessly to give close touches to the model GST law and other details<\/b>. He also accepted that GSTN\u2019s (IT arm of GST) arrangement of IT systems for <\/span>GST <\/b>is also on schedule.<\/span><\/p>\n

Regarding the date of implementation, the Minister said, the Centre, through the Central Board of Excise & Customs, shall continue to strive to achieve the goal of implementation of GST as per schedule. Even though the Honourable minister did not spell out the date of implementation, the Revenue Secretary to the Ministry of <\/span>Finance<\/b>, Government India, Mr.Hasmukh Adhia did confirm to a private news channel that GST will be implemented on July 1<\/span>st<\/span> 2017. He also informed that the Govt. has pegged <\/span>indirect tax growth of 8.8%<\/b> while calculating the revenue for the fiscal year 2017-18.<\/span><\/p>\n

The highlight of the Finance Minister\u2019s speech is that he has pegged the <\/span>fiscal deficit for 2017-18 at 3.2% of GDP and remains committed to achieve 3% in the following year<\/b>. With this gradual approach, he ensured adherence to fiscal consolidation as recommended by FRBM report on fiscal consolidation roadmap. If this road map demand to be complete, then achieving the targeted revenue is inevitable, and <\/span>achieving the fiscal object revenue may be available only by realize GST<\/b> (to achieve the targeted Indirect Tax Revenue based on GST) at earliest. We are presuming that the Government is zealous about maintaining the Fiscal discipline and implementing GST on time.<\/span><\/p>\n

Further one can also predict that Indirect Tax revenue growth of 8.8% in the first year of implementation is not easy for the Government to achieve, that too within 9 months. We are presuming here that the <\/span>Government will not only implement GST on time, but with vigour, and expect high compliance from businesses.<\/b><\/p>\n

With all this, there are enough and more indications from the Government that it is keen to implement GST from 1<\/span>st<\/span> of July 2017. Mr. xyz\u2019s statement in the Budget Speech that <\/span>he does not prefer to make many changes in the current regime of Excise & Service Tax because the same are to be replaced by GST<\/b> soon<\/b> is like the icing on cake.<\/span><\/p>\n

Therefore, it is time for businesses to gear up for <\/span>Tally ERP9 & GST<\/b> readiness since GST transformation is not an overnight affair.<\/span><\/p>\n

Tally ERP9<\/b><\/span><\/h2>\n

TALLY SOFTWARE VERSIONS<\/b><\/em> Tally Solutions India Private Limited has developed Tally Software in the Year 1988.<\/span><\/p>\n