Tally.ERP 9 Release 6.4.2

Tally.ERP 9 Release 6.4.2

The latest version under Tally.ERP 9 Release 6 series is Release 6.4.2, launched on 27^th April, 2018.

In case you have recorded transactions with goods or services whose tax rates have changed, then such transactions appear under Incomplete or Mismatch in GST returns of earlier periods. This issue has been resolved in Tally.ERP 9 Release 6.4.2.
Below are the highlights of Tally.ERP 9 Release 6 series.
Enhanced features for managing e-Way Bills

As per the latest directive from GST Council, e-Way Bills are required for the movement of taxable goods worth more than Rs.50,000. Tally.ERP 9 gives you the flexibility to choose between invoice value, taxable and exempt goods value or taxable goods value as part of the threshold amount of Rs.50,000.

Tally.ERP9 also shows which details are missing in the invoice for the purpose of generating e-Way Bills.

File GSTR-4 as per latest changes

Tally.ERP 9 supports the latest changes made in GSTR-4 Offline Tool Version 2.2.

Flexibility to manage differences in GSTR-1 transactions

As per the latest changes made by GSTN, tax amounts can be of any value (The restriction of tax amount = taxable value*tax rate is removed).

• In case tax amounts are not equal to the computed tax amounts (taxable value*rate), Tally.ERP9 will treat such transactions as Mismatches by default. You can resolve these differences by adjusting amounts before filing GSTR-1.
• If you don't prefer to individually adjust the mismatches in tax amounts, Tally.ERP9 will do it for you.In GSTR-1, press F12 > Allow tax differences upto and choose the option as per your preference.

Automatic rounding off invoice amounts

Create a Round off Ledger and select Invoice Rounding as the type of ledger. While creating invoice and upon selecting this ledger, Tally.ERP9 will auto calculate the difference value.

Supports latest changes in Payroll as per Finance Bill 2018

You can now compute salaries of employees as per the latest budgetary changes introduced in Finance Bill 2018. Tally.ERP9 supports the reintroduction of standard deduction, new tax slabs for health and education cess, changes in medical reimbursement and transport allowance, and benefits for senior citizens.

Manage e-Way Bills using Tally.ERP 9

When you create the invoice before transporting goods, Tally.ERP 9 captures all the necessary details required to capture e-Way Bill. You need not re-enter these details in the e-Way Bill portal again. Just export the invoice in JSON format and upload to the portal for generating e-Way Bill.

• Enter e-Way Bill Number (EBN) in its corresponding invoice, print the invoice and hand it over to the transporter.
• You can export JSON file for a single invoice or for multiple invoices together in one go.
• If the mode of transport, vehicle no., place of supply and State are same for a given set of invoices, you can group invoices accordingly and generate a single JSON file for a consolidated e-Way Bill. But first, you must generate e-Way Bills for each invoice as a prerequisite.
• Tally.ERP 9 identifies invoices for which e-Way Bills are yet to be generated. You can add, modify, delete, consolidate and track e-Way Bills against invoices.
• You can generate e-Way Bills on behalf of your supplier or transporter; or in cases of purchases and also for credit notes, delivery notes and receipt notes as well

GST Returns

GST Returns:

The GST (Goods and Services Tax) regime introduces the following changes:

·         The GST regime requires all businesses to mandatorily file monthly returns along with the requisite quarterly or annual returns. Even businesses which now file returns quarterly or half-yearly (such as returns for service tax etc.) now need to file returns every month.

·         There will now be ‘3 compliance events every month’ compared to 1 event today. This means, businesses will now need to comply with the requirements of filing Form GSTR-1, Form GSTR-2 and Form GSTR-3 (as mentioned below) as against filing 1 return today.

·         The first compliance event (filing Form GSTR-1) has a due date of 10th of the subsequent month as against the deadline of 20th in the current VAT regime.

·         Composition scheme will no longer be a favorable option since returns need to be filed quarterly and the details in those returns need to be filed relating to purchases, though sales would be lump sum like earlier. Another big deterrent in the scheme would be non availability of input credit to the chain below which would increase the selling price for the composite dealers. This would mean that businesses would reduce their purchases from these dealers.

Regular Dealer: Monthly filing

·         Form GSTR-1: Upload all sale invoices (By 10th)

·         Form GSTR-2A: Auto-populated details of inward supplies made available to the recipient on the basis of Form GSTR-1 furnished by the supplier (on 11th)

·         Form GSTR-2: Addition (Claims) or modification in Form GSTR-2A should be submitted in Form GSTR-2 (on 15th)

·         Form GSTR-1A: Details of outward supplies as added, corrected or deleted by the recipient  in Form GSTR-2 will be made available to supplier ( On 20th)

·         Form GSTR-3: Submit the auto-populated GSTR-3 by 20th

·         Form GSTR-9: Annual Return – furnish the details of ITC availed and GST paid which includes local, interstate and import/exports. (31st Dec of next fiscal )

Composition Dealer: Quarterly filing

·         Form GSTR-4A: Details of inward supplies made available to the recipient registered under composition scheme on the basis of Form GSTR-1 furnished by the supplier (Quarterly )

·         Form GSTR-4: Furnish all outward supply of goods and services. This includes auto-populated details from Form GSTR-4A, tax payable and payment of tax (submit by 18th after quarter-end)

·         Form GSTR-9A: Furnish the consolidated details of quarterly returns filed along with tax payment details (31st Dec of next fiscal).

Payments:

·         Mandatory e-payment for amount > Rs 10,000

·         Online: NEFT/RTGS/IMPS

·         Offline: Cash/Cheque/DD/NEFT/RTGS etc.

·         Challan is auto-populated, and can be downloaded

GST in Tally

GST Rates

                          GST RATES 

                                 Exempted from GST

Goods

·         Poultry Products – Fresh Meat, Fish, Chicken, Eggs

·         Dairy Products – Milk, Curd, Butter Milk, Jaggery (Gur), Lassi, unpacked Paneer

·         Fresh Fruits & Vegetables

·         Food Items – Natural Honey, Flour (Atta & Maida), Pulses, Basmati Rice, Gram Flour (Besan), Bread, Vegetable Oil, Religious Sweets (Prasad), Common Salt

·         Cosmetics & Accessories – Bindi, Vermillion (Sindoor), Bangles

·         Stationery – Stamps, Judicial Papers, Printed Books, Newspapers

·         Handloom Products

·         Contraceptives

Services

·         Hotel Services priced at less than INR 1000

·         Education (exemption continued from before)

·         Healthcare (exemption continued from before)

                                          GST at 5%

Goods

·         Dairy Products – Skimmed Milk Powder, Milk food for babies, Condensed milk, Packaged Paneer, Cream

·         Frozen Vegetables

·         Food Items – Sugar, Spices, Edible Oil, Pizza Bread, Rusk, Sweets, Fish Fillets, Tapioca (sabu daana)

·         Beverages – Coffee, Tea, Juices

·         Fuel – Kerosene, LPG, Coal

·         Common Utilities – Broom

·         Medical Goods – Medicines, Stents

·         Newsprint

·         Lifeboats

Services

·         Railway Travel

·         Economy Class Air Travel 

·         Cab Aggregators (e.g. Uber & Ola)

                                GST at 12%

Goods

·         Dairy Products – Butter, Cheese, Ghee

·         Packaged Dry Fruits

·         Food Items – Snacks (Namkeen & Bhujia), Packaged Chicken, Sausages

·         Beverages – Fruit Juices, Packed Coconut Water

·         Personal Hygiene – Tooth Powder

·         Stationery – Colouring Books, Picture Books

·         Common Utilities – Sewing Machine, Umbrella

·         Ayurvedic Medicine

·         Incense Sticks (Agarbatti)

·         Mobile Phones

Services

·         Non-AC Hotels & Restaurants

·         Business Class Air Travel

·         Work Contracts

                                      GST at 18%

Goods

·         Dairy Products – Ice Cream

·         Preserved Vegetables

·         Food Items – Flavoured refined sugar, Pasta, Corn Flakes, Pastries, Cakes, Jams, Sauces, Soups, Instant Food Mixes, Processed Foods

·         Beverages – Mineral Water

·         Personal Hygiene – Tissues, Toilet Paper, Hair Oil, Soap Bars, Toothpaste

·         Stationery – Note Books, Envelopes, Fountain Pens

·         Electronic Equipment – Printed Circuits, Speakers, Monitors

·         Camera

·         Iron & Steel Products

Services

·         AC Hotels & Restaurants that serve liquor

·         Telecom Services

·         IT Services

·         Financial Services

                                             GST at 28%

Goods

·         Food Items – Chocolates, Chewing Gum, Custard Powder

·         Beverages – Aerated Water

·         Personal Hygiene – Deodorants, Shaving Cream, After Shave, Hair Shampoo, Dye, Sunscreen, Perfume, Face Creams, Detergents

·         White Goods – Vacuum Cleaner, Shavers, Hair Clippers, Washing Machines, Dish Washers, Water Heaters & other Home Appliances

·         Automobiles & Motor Vehicles*

·         Housing Materials – Paint, Wallpaper, Ceramic Tiles, Cement

·         Weighing Machines, Vending Machines, ATM

·         Fireworks

·         Luxury / Demerit Goods* – Pan Masala, Tobacco, Aerated Drinks & Motor Vehicles

Services

·         Rooms and Restaurants in 5-star hotels

·         Race course betting

Cinema etc.

  

What's New in Tally.ERP 9 Release 5.5.7

Tally.ERP 9 Release 5.5.7

Tally.ERP 9 Release 5 is a path-breaking innovation bringing to you the ability to

• Generate 100% accurate tax returns in a matter of minutes
• Synchronise your business data across locations without the need for rigid schedules
• Manage your working capital requirements and plan your cash in the most efficient way
• Enjoy personalised updates and a memory optimised system performance
• Seamlessly manage Swachh Bharat cess

The latest version under Tally.ERP 9 Release 5 series is Release 5.5.7 and was launched on 4th May, 2017. 

We support the new VAT experience for the state of Jammu and Kashmir, and Dadra and Nagar Haveli. Revised VAT annexures with VAT rates of 25% and 34% for Tamil Nadu, 2017 -18 budget changes for TCS and TDS, and the latest FVU tool version 5.4 are supported.

VAT forms provided in Tally.ERP 9 Release 5.4

The VAT forms provided in Tally.ERP 9 Release 5.4 are currently available only for 20 states across India, namely

• Andhra Pradesh
• Assam
• Bihar
• Chandigarh
• Delhi
• Goa
• Gujarat
• Haryana
• Karnataka
• Kerala
• Madhya Pradesh
• Maharashtra
• Odisha
• Puducherry
• Punjab
• Rajasthan
• Tamil Nadu
• Telangana
• Uttar Pradesh
• West Bengal

Serive tax

SERVICE TAX

 Service tax is a tax levied by Central Government of India on services provided or to be provided excluding services covered under negative list and considering the Place of Provision of Services Rules, 2012 and collected as per Point of Taxation Rules, 2011 from the person liable to pay service tax.

The effective rate of Service Tax is increased from 14.50% to 15% (14% ST+ 0.50% Swachh Bharat Cess + 0.50% Krishi Kalyan Cess) by way of introducing Krishi Kalyan Cess @ 0.50% (w.e.f. 01-06-2016) on value of taxable services. Input credit of Krishi Kalyan Cess shall be allowed to be used for payment of the Krishi Kalyan Cess only. However it may be noted that there is no input credit allowed for Swachh Bharat Cess.