Ready for Gst with Tally.erp 9 Release 6 0 Presentation
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Apart from our core strength that helps you automate your business for growth, Tally is dedicated to walking the GST journey with you. Keeping in mind all the laws, the rules, and the intricacies that GST brings, you need a system that can ensure your business complies the way you need it to! For the last 3 decades, Tally has continuously helped businesses achieve automation to fuel business growth. With GST being a technology-driven tax regime, Tally is already at the forefront to help business manage their compliance in the simplest possible way. With the GST-ready product, Tally brings you unmatched simplicity and ease of use as you transition from the current taxation to the new world of GST. Learn how Tally can help you get started on your GST journey in a few easy steps. As the GST technologies and rules mature, Tally will continue to stand by you and provide software updates to make compliance faster and easier.
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Ready for Gst with Tally.erp 9 Release 6 0 Presentation
- 1. 1 GST & YOU Presenting Tally ERP 9 Release 6.0 GST Compliance for Your Business
- 2. 2 Key highlights of GST One Nation, One Tax regime GST will replace all indirect taxes Destination-based tax on supply of goods and services Mandatory invoice level details for regular dealers Seller to upload invoice, buyer to accept for getting ITC Buyer gets input credit ONLY if seller pays GST Technology is a MUST
- 3. 3 Ratna Steels Portal Super Cars Ltd Portal Ratna Steels GSTR-1 Ratna Steels Outward Supplies Register Super Cars LtdRatna steels R.J. Automobiles Books of Super Cars Ltd for July’17Inward Supplies Register Outward Supplies Register No Qty Amt GST Tot. 225 2,25,000 40,500 No Qty Amt GST Tot. 215 2,36,500 42,570 No Qty Amt GST Tot. 22 5 2,25,000 40,500 6 100 1,00,000 18,000 6 100 1,00,000 18,000 7 50 50,000 9,000 7 50 50,000 9,000 8 25 25,000 4,500 8 25 25,000 4,500 10 50 50,000 9,000 10 50 50,000 9,000 1 80 88,000 15,840 4 45 49,500 8,910 2 60 66,000 11,880 3 30 33,000 5,940 AUG 10 Super Cars Ltd GSTR-1 1 80 88,000 15,840 4 45 49,500 8,910 2 60 66,000 11,880 3 30 33,000 5,940 AUG 11 6 100 1,00,000 18,000 6 1,00,000 18,000 AUG 15 Ratna Steels GSTR-1A 6 1,00,000 18,000 In.No Amt GST 6 1,00,000 18,000 AUG 16 AUG 21 6 100 1,00,000 18,000 PaymentPayment AUG 20 FORM GST MIS-1 FORM GST MIS-1
- 4. 4 As a Business Owner .. Ensure your return is …. 1. 2. 3.
- 5. 5 Key Questions Before Choosing Right Software Copyrights 2017 @ Tally Solutions Pvt. Ltd. How do I prepare for GST transition and ensure Input Tax Credit on my stocks? How quickly can I get started? How quickly can I setup master data? How easy is it to record GST compliant transactions? How can I ensure accuracy of all transactions before uploading to the GSTN? How can I export data in the right format, which can be uploaded to the GSTN portal?
- 6. 6 Key Questions Before Choosing Right Software Copyrights 2017 @ Tally Solutions Pvt. Ltd. How do I prepare for GST transition and ensure Input Tax Credit on my stocks? How quickly can I get started? How quickly can I setup master data? How easy is it to record GST compliant transactions? How can I ensure accuracy of all transactions before uploading to the GSTN? How can I export data in the right format, which can be uploaded to the GSTN portal?
- 7. 7 Availing Input Tax Credit on Closing Stock Closing Stock Input Tax Credit Availed Input Tax Credit Not Availed
- 8. 8 Scenario 1 - ITC on Closing Stock already availed under current regime 1. Declare details in Form GST TRAN – 1 under table 5 (a), (b) and (c) as applicable Note: Tally users can get the details from either Triangulation / C forms Receivable Reports 2. After filing GST TRAN-1, post verification by department, Input Credit will be credited to Electronic Credit Ledger 3. Based on ITC credited to your Electronic Credit Ledger, record Journal (adjustment entry) in your books
- 9. 9 Copyrights 2017 @ Tally Solutions Pvt. Ltd. Go to Journal press button “Stat Adjustment” or Alt + J and select Nature of adjustment “Opening Balance”
- 10. 10 Scenario 2 – Availing ITC on Closing Stock under current regime Copyrights 2017 @ Tally Solutions Pvt. Ltd. A ] Evidencing Proof available - 100% ITC can be availed B ] Evidencing Proof NOT available Note: ITC can be claimed only for the stock which is NOT old than 12 months.
- 11. 11 Copyrights 2017 @ Tally Solutions Pvt. Ltd. Yo u n e e d t o d e c l a re d e t a i l s i n F o r m G S T T R A N – 1 u n d e r t a b l e 7 ( a ) , ( b ) a n d ( c ) a s a p p l i c a b l e Invoice issued within 12 months Registered Regular Dealer Intended to be used in taxable supply Document evidencing payment of duty Credit Allowed in GST Conditions for Claiming ITC on Closing Stock
- 12. 12 Copyrights 2017 @ Tally Solutions Pvt. Ltd. How to identify the stock which not older than 12 months in Tally?
- 13. 13 Copyrights 2017 @ Tally Solutions Pvt. Ltd. Filter by number of days stipulated by department
- 14. 14 Copyrights 2017 @ Tally Solutions Pvt. Ltd. Drill down from each item to view its Purchase invoices and filter through ‘Range’ option and classify them into Tax paid / Not paid
- 15. 15 Copyrights 2017 @ Tally Solutions Pvt. Ltd. Go to Journal press button “Stat Adjustment” or Alt + J and select Nature of adjustment “Opening Balance” After filling Form GST TRAN – 1, submit it to department, based on supply of these stock and payment of its taxes, eligible input tax credit will be credited to your electronic credit ledger
- 16. 16 Copyrights 2017 @ Tally Solutions Pvt. Ltd. I M PA C T GST Transition with Tally is amazingly simply All important reports and formats are available
- 17. 17 Tally ERP 9 Release 6.0 Let’s see how… Makes it a breeze 1 JUL Tally ERP 9 Release 6.0 Makes it a breeze
- 18. 18 Key Questions Before Choosing Right Software Copyrights 2017 @ Tally Solutions Pvt. Ltd. How do I prepare for GST transition and ensure Input Tax Credit on my stocks? How quickly can I get started? How quickly can I setup master data? How easy is it to record GST compliant transactions? How can I ensure accuracy of all transactions before uploading to the GSTN? How can I export data in the right format, which can be uploaded to the GSTN portal?
- 19. 19 How do I Move my Existing Data to 6.0? In 3 Simple Steps… 1 2 3
- 20. 20 Install Copyrights 2017 @ Tally Solutions Pvt. Ltd. 1 2 3
- 21. 21 Migrate existing Data Copyrights 2017 @ Tally Solutions Pvt. Ltd. 1 2 3 2a. Select existing company data 2b. Choose ‘Yes’ to migrate
- 22. 22 Copyrights 2017 @ Tally Solutions Pvt. Ltd. 1 2 3 Configure Tax Rates Stock Item Stock Group Sub Group GST Rate Real Real 12% Tropicana Tropicana Paper Boat Paper Boat Bhujia Sev Namkeens HaldiramAloo Bhujia Masala Kaju Butter Amul 12% Cheese All the existing Stock items are at 12% GST Slab All you need to do, Configure 12% GST Rate at the Company Level !!
- 23. 23 Copyrights 2017 @ Tally Solutions Pvt. Ltd. 1 2 3 Configure Tax Rates Stock Item Stock Group Sub Group GST Rate Cess % Soft Drinks Beverages Sweetened Aerated Water 28% 14% Real Real 12% Tropicana Tropicana Paper Boat Paper Boat Bhujia Sev Namkeens HaldiramAloo Bhujia Masala Kaju Amul Ice Cream 18% Baskin Robbins Milk Dairy Products NIL 0%Curd Paneer Butter 12% Cheese Dairy Milk Chocolates Cadbury 28% Snickers Mars Stock Item Stock Group Sub Group GST Rate Cess % Soft Drinks Beverages Sweetened Aerated Water 28% 14% Real Real 12% Tropicana Tropicana Paper Boat Paper Boat Bhujia Sev Namkeens HaldiramAloo Bhujia Masala Kaju Amul Ice Cream 18% Baskin Robbins Milk Dairy Products NIL 0%Curd Paneer Butter 12% Cheese Dairy Milk Chocolates Cadbury 28% Snickers Mars Most of the Stock items are at 12% GST Slab Stock Item Stock Group Sub Group GST Rate Cess % Soft Drinks Beverages Sweetened Aerated Water 28% 14% Real Real 12% Tropicana Tropicana Paper Boat Paper Boat Bhujia Sev Namkeens HaldiramAloo Bhujia Masala Kaju Amul Ice Cream 18% Baskin Robbins Milk Dairy Products NIL 0%Curd Paneer Butter 12% Cheese Dairy Milk Chocolates Cadbury 28% Snickers MarsAs 12% is already defined at Company level, You Don’t Need to Re-Configure.Define now 28% at Sub Group level – Sweetened Aerated Water. Stock Item Stock Group Sub Group GST Rate Cess % Soft Drinks Beverages Sweetened Aerated Water 28% 14% Real Real 12% Tropicana Tropicana Paper Boat Paper Boat Bhujia Sev Namkeens HaldiramAloo Bhujia Masala Kaju Amul Ice Cream 18% Baskin Robbins Milk Dairy Products NIL 0%Curd Paneer Butter 12% Cheese Dairy Milk Chocolates Cadbury 28% Snickers MarsSimply Define NIL Rated by creating a Sub group under Dairy Products
- 24. 24 Enable GST Copyrights 2017 @ Tally Solutions Pvt. Ltd. 1 2 3 Your business data is now available in Release 6.0. Its Easy!
- 25. 25 Copyrights 2017 @ Tally Solutions Pvt. Ltd. I M PA C T No technical expertise required to install GST ready Tally.ERP 9 Quick Setting up of your Company and Statutory details will help you get started as per GST Law
- 26. 26 Key Questions Before Choosing Right Software Copyrights 2017 @ Tally Solutions Pvt. Ltd. How do I prepare for GST transition and ensure Input Tax Credit on my stocks? How quickly can I get started? How quickly can I setup master data? How easy is it to record GST compliant transactions? How can I ensure accuracy of all transactions before uploading to the GSTN? How can I export data in the right format, which can be uploaded to the GSTN portal?
- 27. 27 How quickly can I Setup Master Data? In 4 Simple Steps… 1 2 3 4
- 28. 28 Copyrights 2017 @ Tally Solutions Pvt. Ltd. 1 2 3 4 Record your GSTIN
- 29. 29 Copyrights 2017 @ Tally Solutions Pvt. Ltd. 1 2 3 4 Define Tax Rates & HSN Codes for Stock items
- 30. 30 Copyrights 2017 @ Tally Solutions Pvt. Ltd. 1 2 3 4 Record Party GSTIN
- 31. 31 Copyrights 2017 @ Tally Solutions Pvt. Ltd. 1 2 3 4 Create GST Ledgers Your master data is setup. Its Easy!
- 32. 32 Copyrights 2017 @ Tally Solutions Pvt. Ltd. I M PA C T One time Easy setting up of GSTIN details Master data setting up is fast and easy No Change in existing behavior
- 33. 33 Key Questions Before Choosing Right Software Copyrights 2017 @ Tally Solutions Pvt. Ltd. How do I prepare for GST transition and ensure Input Tax Credit on my stocks? How quickly can I get started? How quickly can I setup master data? How easy is it to record GST compliant transactions? How can I ensure accuracy of all transactions before uploading to the GSTN? How can I export data in the right format, which can be uploaded to the GSTN portal?
- 34. 34 Copyrights 2017 @ Tally Solutions Pvt. Ltd. Choose voucher type Change date (if required)Select Party Select Sales ledger Enter item, quantity, and rate Select Tax ledgers
- 35. 35 Invoice Printing is Fast and in accordance to GST Law Captures HSN and GSTIN details Seamless Experience
- 36. 36 Tally Supports All Kinds of GST Transactions
- 37. 37 Key Questions Before Choosing Right Software Copyrights 2017 @ Tally Solutions Pvt. Ltd. How do I prepare for GST transition and ensure Input Tax Credit on my stocks? How quickly can I get started? How quickly can I setup master data? How easy is it to record GST compliant transactions? How can I ensure accuracy of all transactions before uploading to the GSTN? How can I export data in the right format, which can be uploaded to the GSTN portal?
- 38. 38 Detection of Errors Take an example: A distributor records an inter-state transaction to Haryana, as seen.
- 39. 39 Detection of Errors… SGST and CGST are entered instead of IGST.
- 40. 40 Detection of Errors… Despite the errors, the user has recorded the transaction.
- 41. 41 Correcting the Detected Error… Go to GSTR-1 Identify transactions with mismatched information
- 42. 42 Correcting the Detected Error… Drill down report to Identify transactions with mismatched information
- 43. 43 Correcting the Detected Error… Drill down report to Identify transactions with mismatched information Drill down further to correct the identified mismatch
- 44. 44 Correcting the Detected Error… Select the IGST ledger and Correct the Mismatch
- 45. 45 Correcting the Detected Error… Accept the screen to correct the reported Mismatch
- 46. 46 Error is corrected You now have error-free transactions!
- 47. 47 Copyrights 2017 @ Tally Solutions Pvt. Ltd. I M PA C T Your invoice level details are accurate Helps you save critical time and effort Detection and Prevention of Wrong Entries are easy
- 48. 48 Key Questions Before Choosing Right Software Copyrights 2017 @ Tally Solutions Pvt. Ltd. How do I prepare for GST transition and ensure Input Tax Credit on my stocks? How quickly can I get started? How quickly can I setup master data? How easy is it to record GST compliant transactions? How can I ensure accuracy of all transactions before uploading to the GSTN? How can I export data in the right format, which can be uploaded to the GSTN portal?
- 49. 49 Exporting GSTR-1 After correcting all errors, press the e-Return button to export GSTR-1 into an excel file.
- 50. 50 Exporting GSTR-1 Accept the screen to export.
- 51. 51 Exporting GSTR-1 Export Successful. You can also review/modify your exported data on Excel.
- 52. 52 Copyrights 2017 @ Tally Solutions Pvt. Ltd. I M PA C T Ensures books are “Upload Ready” Export of data is seamless
- 53. 53 Copyrights 2017 @ Tally Solutions Pvt. Ltd. TALLY ERP9, Release 6.0 Allows Quick Setup/gets you GST Ready Helps you create Accurate Invoices Enables GST Billing from Day 1 Ensures Accurate Returns Allows Co-existence of regime
- 54. 54Tally.ERP 9 Release 6.0 TALLY Will Walk GST Journey With YOU… GSTR 2 format is NOT available Forms and Formats might change in evolution of the GST law
- 55. 55 What are the next steps? Open GSTN Portal Reconcile your GSTR-2A with your Books (Supply inwards) Make changes either on GSTR portal or in Tally, as appropriate GSTR 3 will be auto populated on portal Use portal to Sign, Authorize and Submit your Returns
- 56. 56 GSTN Utility
- 57. 57 Using the Offline GSTN Utility After exporting GSTR-1 details, use the offline GSTN utility to import data and convert it into a .Json file. * Offline GSTN utility is a BETA version and available only for BETA testers
- 58. 58 Create new return offline file To start importing excel data in Offline utility - Click New button
- 59. 59 Using the Offline GSTN Utility Enter details as required.
- 60. 60 Using the Offline GSTN Utility Click the Import File tab.
- 61. 61 Using the Offline GSTN Utility Select the file to be imported.
- 62. 62 Using the Offline GSTN Utility Import Successful!
- 63. 63 Using the Offline GSTN Utility Review your imported data.
- 64. 64 Click Save to convert your .json file. Using the Offline GSTN Utility Login to GST portal and upload the .json file.
- 65. 65 Readiness Checklist Registration to GST Knowing your applicable HSN (for goods) / SAC (for services) and applicable Tax Rate Knowing your customer / supplier GSTIN Talking to TRP / CA regarding required business process changes as per GST law Evaluating software for GST compliance Getting IT hardware ready
- 66. 66 Readiness Checklist Getting stable internet connection Ensure that the good in transit liabilities are paid on the last day In the last return – claim all eligible input tax credit and to be reflected in the return. Detailed maintenance of closing stock to claim to ITC on taxes which are not forming part of your return. • Evidencing Taxes document • Recording Closing Stock
- 67. 67 Tally Will Walk GST Journey With You
- 68. 68 THANK YOU Thank You Cevious Technologies (P) Limited Phone: +91 11 40529090 (25 Line) | TeleFax: +91 11 40529090 Mobile : +91 8130311011 | Skyp : satyamsolutions | EMail : info@cevious.com, tallysupport@cevious.com Web : www.cevious.com | www.cloudapplink.com | www.tallysolutionss.com | www.satyamsolutions.com | www.dealkarodeal.com, www.tallyonclouds.com
Notes de l'éditeur
- Catch the attention of audience, please tell them that this is a very important slide. Through this slide you will know what returns you would be filing as a Supplier as well as a Buyer. Let us assume we are Super Cars Ltd and Ratna Steels is our Supplier. Now, we are in the month of July (GST is already implemented in India) Ratna Steels raises invoices on us which we start recording those invoices in our Books of Accounts as Supplies Inward (Our Inward Supplies Register i.e. Purchase Register getting updated accordingly) Similarly, outward supplies (Sales invoices) are getting updated in Ratna Steel’s Books of Accounts (They being our Supplier) After purchasing from Ratna Steels now we are selling it to R.J. Automobile, so we start recording our Sales invoices in our books as Outward Supplies. Now after passing all the transactions for the month of July, now it’s 10th August. (Under GST regime, being a Supplier you need to upload all your Sales invoices by 10th of August and file your GSTR-1. So all the suppliers across India will start uploading their respective Sales invoices through GSTR-1 to GSTN. So Ratna Steels will also upload the Tax invoices which they have raised on us. This happens via GSP (GST Suvidha Provider), as millions of businesses will be upload the data to GSTN, entire India’s economy details resides on GSTN so it has be secured and can’t be accessed without GSP. Then on 11th August, based on the Tax invoices uploaded by Suppliers / Ratna Steels on GSTN, you as a Buyer will receive GSTR-2A (Auto-populated Return generated by GSTN) Now, you should start reconciling it with your Inward Supplies Register (Purchase Register) to ensure all the Purchase invoices received from Ratna Steels have got uploaded to GSTN portal or not. During the reconciliation process, you identified that Invoice no. 6 has been missed out by Ratna Steels and hence you need add it to GSTR-2A and submit your GSTR-2 return on GSTN. (It’s very important to do this reconciliation, else, you will miss to get Input credit on the goods purchased). Once you file your GSTR-2 return, you will get Provisional Input Credit On 16th Aug, as Ratna Steels had not uploaded invoice no. 6, GSTR-1A (Auto-populated return gets generated for Ratna Steels). Now, Ratna Steels starts reconciling it with his Outward Supplies Register (Sales Register). Once he finds the invoice, he ratifies it. On 20th GSTR-3 (Monthly return) gets generated for Ratna Steel and Super Cars Ltd. on basis on which they pay their respective Tax liability. On 21st Super Cars gets their eligible ITC. Now, we saw in this scenario the bill missed by Ratna Steels got ratified when we uploaded it. But, now the question would crop up to your mind is that what happens in case Ratna Steel wouldn’t have ratified that particular bill? So, let us understand the consequence of this…
- Setup Data – Install Company Creation Enable Statutory Feature Right Input Credit Input credit already claimed on closing stock Input credit NOT claimed Compliance rating Setting up right configuration for your masters for accurate calculations Invoice Matching Preventing errors during Invoicing and quick printing of Sales invoices Right tax types are charged Right tax rates are charged GST Returns Triangulation Report – Detecting and correcting data before Return filing
- *Note: Shown here is an illustration about CGST, similar steps need to be followed for SGST
- Drill down from each item to view its Purchase invoices and filter (ALT+F12) by giving the range as Voucher having Ledgers with Name equal to Input VAT (Name of your tax ledger)
- *Note: Shown here is an illustration about CGST, similar steps need to be followed for SGST
- GSTR 2 format is not yet finalised by GSTN. Once it is made available, Tally will give you next release to support automation of purchase reconciliation. Similarly, forms and formats might change in evolution of the GST law in the country. Tally will make quick releases and walk the GST journey with you.
- 1. Every business needs to get registered by visiting GST portal, and need to provide all his business details like nature of business, current PAN number, Address and other details. After that government will issue a GSTIN Number. 2. Every product/commodity you are doing business government has assigned a HSN (Harmonized System Nomenclature) Codes, while for services it is (Service Accounting Codes) SAC. You should start gathering the codes by taking help of your TRPs. For Every HSN/SAC Code government will decide an applicable tax rate. The moment it is finalized you can accordingly, think of revising your Rates and margins. 3. While making invoices you need to mention GSTIN Number of the buyer/seller if he is registered, as a readiness you can start gathering GSTIN Number of all these parties and keep yourself ready. 4. You should connect with your TRP to help you in guiding you to take maximum advantage of GST.( How to manage multiple godowns, how to price products etc.) 5. Also, you need a GST Compliant software to enable you in recording accurate data, prevent you from data errors, helps you in matching transactions, finalizing your data and uploading data on GSTN
- 6. You should have adequate computers, power backup for computers so that during GST Regime, and you can easily and on time update all your data. 7. As you need to regularly update your data online. You were expected to have a good internet connection so that you can spend minimum time in uploading/downloading data to/from GSTN.