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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.

Accounting is like the Swiss Army Knife of recording financial transactions. What we’re going to deal with today is the very basic terms of this profession. To pursue any accounting course or any form of accounts training we need to have a solid foundation of the terminologies used in accounting.

Read on to know (or recapitulate) the very basic terminologies of accounting which will help you fly higher than your peers in any accounting course that you may enroll in.

Among Enterprise resource planning (ERP) software available in the market, the one made by European multinational firm SAP SE is as good as it gets. SAP SE is the numero uno provider of business software solutions for better work and data management in businesses spanning across industries. SAP or System Application and Products (yes, like it or not, the company and its product names are the same) is efficient and productive, which makes it a priority choice among businesses.

It is estimated that about 4 lakh users across the world including Apple, Microsoft, BMW, Ford, etc. use some or the other component of SAP. Thus it is self-explanatory that SAP training is in high demand.

Goods and Services Tax (GST) as the poster boy of Indirect Taxation in India has been in the news constantly since its implementation. The tax came into effect from 1 July 2017 through the implementation of the 101st Amendment of the Indian Constitution. A thorough understanding of GST is a must for successfully pursuing any GST course.

To recall, GST is an Indirect Tax (or Consumption Tax) used in India on the supply of goods and services. The GST replaced existing multiple taxes levied by the central and state governments except for a few state taxes. It is a comprehensive, multistage, destination-based tax.

Now we move on to our main agenda of today, profiteering and anti-profiteering measures that come under the ambit of the GST regime.

Profiteering 

Well, to understand profiteering, it’s imperative to understand profit margins. When a company sells products, it gathers a variety of expenses – like those incurred from taxes, building rent, raw material costs, and packaging costs.

Understandably, the company needs to charge a higher price to make a profit. The difference between those expenses and the revenue got from selling the products is the profit margin. Profiteering happens when product prices are inflated unfairly to create a higher profit margin. Companies may do this when there’s a high demand for their products, or when supplies are scarce.

As things stood right after the introduction of the GST regime, opportunities were readily created for profiteering, thus it called for strict measures right away.

Accounting can be described by roughly 3 adjectives – irreplaceable, inevitable and unputdownable!  Accounting is something that is required in every single organization but the fundamentals of accounting are rather easy to learn. Be it full-fledged graduation courses or professional accounting courses, there are ample opportunities available in the market to learn this trade. 

And guess what, no prior knowledge is required for candidates to join in and make the most of those professional accounting courses!

In the industry, accounting is often called the ‘Language of the Business’. It is the common financial language used to communicate financial information to individuals, organizations, and government agencies about various aspects of business such as financial position, operating results, and cash flows.

COVID 19 caused by Coronavirus has affected 162 countries and territories across the world and even an international transport (the Diamond Princess cruise ship harbored in Yokohama, Japan).

As of this writing, Liberia is the latest country to have been affected. There are close to 14,000 new confirmed infections with 114 total cases and 3 deaths in India alone.

Kolkata is the latest Indian city to have been affected by COVID 19. A man, who recently returned from England has tested positive for coronavirus and is now admitted to a hospital – making it the latest Indian State to fall prey to this menace.

Tally.ERP9 is an MS Windows-only Enterprise Resource Planning (ERP) software, extensively utilized in the accounting industry. Deployed by no less than 16 lac users around the world, Tally training is also in high demand these days among students looking for job-oriented training programs from reputed institutes.

Accountancy is an age-old profession that can be traced back to ancient civilizations like that of Egypt and Mesopotamia. Over the years accounting careers have evolved considerably advanced techniques and features now in its inventory.

For something which has been around for centuries, stereotypes and myths are bound to seep in. Many of us probably believe that accounting careers have hit a dead-end and lack the razzle-dazzle of other professions. This can even discourage interested candidates to take up accounts training.

India is largely a land of the orthodox. There are too many stereotypes about education and careers to say the leas

Goods & Services Tax (GST) launched in 2017, is one of the major economic reforms by the Indian Government

System Application and Product (SAP) is the name of the software as well as the company’s name. It is one of the most used IT products in the business for different purposes.

India has made substantial economic strides in recent years. The growing economy needs a constant supply of skilled manpower.

In every business, ledgers, bank reconciliation statements, profit and loss statements and income and balance sheets present an unbiased picture of the financial position of an organization.