Learn How Tally.ERP 9 Allows GST Compliance - ICA Edu Skills Blog
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Learn How Tally.ERP 9 Allows GST Compliance

Tally.ERP 9 with around 1.6 million users around the globe is the numero uno ERP accounting software package. As you might know, it is used for recording the daily business data of a company. With the advent of the GST regime in India, Tally.ERP 9 has made strides to be GST-ready. Today our agenda is to talk about how Tally.ERP 9 can be effectively used for GST compliance. This is something that is absolutely necessary to understand before one opts for any kind of GST training.

It’s worth mentioning here that Tally facilitates easy management of GST data, even in the middle of a financial year. Users are required to provide only the date of commencement of GST for the specific set of transactions. This way, GST becomes applicable only for these transactions. Even the data related to the pre-GST tax regime doesn’t need to be altered. Dividing the dataset into two different tax entities is not required as Tally.ERP 9 handles them well as-is.

Tally’s latest introduction to Tally.ERP 9 Release (or Version) 6.6 is GST ready consisting of all features facilitating Tally GST billing, GST returns filing besides error detections and corrections. There are other top features that Tally has to offer when it comes to GST compliance which are important to under for GST training. Let us now see take a closer look.


Installing/ Setting up

Well, first things first for the beginners – installing/ setting up the software for GST compliance. Advanced users already aware of this may head over straight to the next module though.

To record a GST transaction, we need to activate GST and also update or create the required ledgers.

  • Activate GST for the company – This entails the following two activities namely activating GST and then setting up GST Rates. Both of these can be done following specified methods as shown under :tally erp 9 | ICA Edu Skillstally gst training | ICA Edu Skills
    (Source – TallyHelp)
  • Creating/ Updating Masters – Depending on the business requirements we will need to update the ledgers like stock items, stock groups, sales, and purchase ledgers, etc. to include GST details for using in GST transactions. In addition, we need to create GST tax ledgers to calculate taxes in transactions.gst course | ICA Edu Skillstally taxation course | ICA Edu Skills
    (Source – TallyHelp)
  • Recording Transactions Transactions can be broadly classified into the following two categories: Purchases and Sales. So both types of transactions have to be recorded under the new GST system in their respective categories. See the illustrations below.gst course | ICA Edu Skillsaccounting course | ICA Edu Skills
    (Source – TallyHelp)

Generating feature-rich Tally e-Way Bill in GST

With the introduction of e-way bill, every movement of goods above Rs.50000/- is supported by a corresponding e-Way Bill Number before the transportation of goods. E-Way bills help to track and ensure that the goods being transported comply with GST rules without any tax deviation.

Tally.ERP 9 Release 6.6 manages the details of single or consolidated e-waybills during the creation of transaction by capturing the details like Mode of transport, GSTIN No., Transporter ID, Vehicle Number, consignee details, etc. Then it generates an e-waybill JSON file which shall be uploaded in e-Way Bill NIC Portal for the generation of e-Waybill.

advance tally course module | ICA Edu Skills

(Source – NationalTaxMarket)


Simpler creation of GST invoice on the latest Tally version

An invoice is an important cog in the sales wheel. It is the main document that doubles up as a bill for the service/s or product/s your business has provided.

As per GST laws, every supplier who has acquired GST registration in India has to issue an invoice in the notified proforma, while supplying goods or services.

The aforementioned version of Tally can be effectively used to create a GST invoice. The majority of the businesses are benefiting a lot due to this newly introduced feature.

tax invoice | ICA Edu Skills taxation course | ICA Edu Skills

(Source – TallyHelp)


Auto-updating GST rate changes

GST is being modified frequently with new rules and rates by the GoI for obvious reasons. It is tough to remain updated about these changes in GST and then manually update the same in the rate section.

The new version of Tally.ERP 9 auto-updates itself with GST changes. In case of any change in GST rates, it will be reflected in the latest version of Tally software!

How cool is that?

tally course fees | ICA Edu Skills

(Source – TallyHelp)


Viewing GST filings of the past

On the latest updated version of Tally, we can easily view past filings data. This feature was nowhere to be seen in the previous versions.


Dependable GST return filings

Filing GST returns or rejection thereof have been simplified and almost automated. What the user needs to do is simply use the latest version of Tally.ERP 9 software.

Tally ERP.9 is, without a shadow of a doubt, the best accounting software when it comes to integrated GST compliance as of this moment. It is therefore imperative to study these features in detail in order to make the most of any Tally or GST training course you enroll in. 

Talking of which, we have one of the best Tally and GST training courses in the market which you guys might want to check out.

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Disclaimer: The content posted in this weblog is intended for general information purposes only and does not include any professional accounting, tax, legal or financial advice. We strive to provide accurate and up-to-date information based on laws, regulations, and best practices which may vary by jurisdiction, industry, and individual circumstances.

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