New Delhi [India], Oct. 10 (ANI): In the wake of the changes proposed by the Goods and Services Tax (GST) Council in their meeting on October 6, Tally Solutions, a business software provider launched the updated Tally.ERP9 Release 6.1.1, the latest in its suite of GST ready releases, making it easier for GSTPs and businesses to file returns for GSTR1.
"We commend the government's responsiveness to address the concerns of SMEs on ground. As a software provider, we have tried to adapt to these changes into our software to ensure a smooth and seamless GSTR1 filing process for the SME. We will continue to work closely with GSTN and bring out our further releases that can enable our customers and GSTP community to create and submit returns from our software itself in an easy and effective manner," said Bharat Goenka, Managing Director, Tally Solutions.
Some key changes factored:
• Suspension of reverse charge mechanism: in keeping with the new change, the software will not calculate GST on purchases from unregistered dealers (URDs) as part of the GSTR1 filing.
• GST on advances received not required for SMEs: the software as per the latest rules will not calculate GST on advance payments for SMEs with an annual aggregate turnover up to INR 1.5 crore. For larger businesses, the software provides for an option to account for this calculation while filing returns.
Consumers see two areas of challenges in the GST return filing process, namely the preparation of returns and the submission of these returns. Tally. ERP 9 validates the GSTIN number, HSN codes etc. which helps avoid rejection on the GSTN portal. Through various layers of data correction and the unique error detection capability, the user is assured of an accurate filing process. In addition, having worked closely with GSTN and its offline tool, the company has worked to increase precision and ensure seamless transfer of data to the offline tool, thereby ensuring a smoother return submission process.
Another area of concern is that majority of businesses are still working with traditional methods of accounting and filing which do not ensure accuracy and security. Manual data entry in spreadsheets often results in errors and is time consuming. The need of the hour for businesses is to digitalise accounting operations to become GST compliant. Tally. ERP 9 Release 6 offers a complete business solution for businesses looking to automate.
Tally has been working to promote awareness and education on filing and automation within the SME and GSTP communities. It has conducted over 7000 free training camps and webinars to impart knowledge on GST filing processes. In addition, the company continues to price GST ready Tally.ERP 9 Release 6.1.1 at Rs. 18,000 GST for a single user edition and Rs. 54,000 GST for a multi-user edition, the same as earlier. However, most of Tally's existing users will be able to upgrade to this release free of cost.
The next phase in filing is GSTR 2 returns which will require a robust technological solution to effectively resolve any mismatches in sales and purchase. This is soon in the offing from the company and the release will correspond with the GSTR 2 filing dates. (ANI)
Disclaimer :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: ANI