Rajakumari's blog

On the 21st of February, 2018, the GSTN Council and the government introduced some changes in Form GSTR-3B, in a bid to simplify it and making it more user-friendly for businesses across the country. The change has been welcomed by businesses across segments, as the all crucial input tax credit balance is now visible on the GSTR 3B revised return forms.
 

There are just a few weeks remaining for you to get prepared for the roll out of GST, and out of the many questions you will be asking yourself, ‘what changes should I look for in my system, from my Tax Consultant, or in business processes, in order to better prepare for GST?’, is likely to be at the top of the list.

With just a few weeks left for the roll out of GST, one of the burning questions on your mind as a Tally user is probably, “How will Tally support my business to become GST Ready?”
With this blog post, you will understand Tally’s GST Software strategy, and how you can smoothly transition into GST with Tally.ERP 9.
 

In this blog, we will discuss how to handle import of services and import of goods, in GST-ready Tally.ERP 9 Release 6.

Topics covered
What does the GST law say?

 
Import of services under GST

As per the 23rd GST Council Meeting, taxpayers are divided into two categories based on their aggregate annual turnover and accordingly dates for GSTR-1 filing have been issued.
Taxpayers with an annual aggregate turnover of up to Rs 1.5 Crores have to file GSTR-1 on a quarterly basis. For the quarter of January to March, they have to file by the 30th April 2018.
Taxpayers with an annual aggregate turnover of more than Rs 1.5 Crores need to file GSTR-1 on a monthly basis. For the months of January, they have to file by the 10th March 2018.
 

Introduction
The GST filing period has begun!
“How do I and my tax consultant file GST returns for my business?” – is the one question that is likely to linger on top in your head, among others. This blog suggests the best method for filing returns accurately.
 
Let us begin by making a note of the filing dates for different GST returns for the assessment month of July.

Returns period

GSTR-1

GSTR-2

GSTR-3B

GSTR-3

July 2017

Upto 10 Oct

Upto 31 Oct

25-28 Aug

Invoices are a vital instrument for any business. At Tally, we very well understand that you need to raise different types of GST bill/invoice and this may seem a bit daunting in the GST regime since you are getting used to the new system. Not to worry!
In this blogpost, we will guide you to raise different types of GST Bill/invoice using Tally.ERP 9 and help ensure that you stay GST compliant.
 

GSTR-1 filing related activities have recently completed and the filing process of GSTR-2 is ongoing. The last date for filing GSTR-2 has been revised to Nov. 30 2017 by the government.
GSTR-2 filing using Tally.ERP 9 Release 6.2 can be done easily, quickly and correctly.
 
If you are a business owner, then probably one of your biggest worry is whether you’ll be able to claim all your rightful Input Tax Credit? You want to ensure that your GSTR-2 return does not get rejected in the GSTN portal.

An inconvenient situation awaits business owners and tax consultants after filing GSTR-2 returns. The number of invoices that get reconciled in the invoice matching process can vary from single digit to any number of digits depending on the nature and size of business. Some purchase invoices might have been added, some rejected, some modified or some kept pending for reconciling in the next round of filing.
How does the business owner ensure that his books reflect the same data as exactly as it appears in the updated GSTR-2 which is filed in the GSTN portal?

Note: This blogpost is particularly meant for tax consultants and professionals engaged in providing tax returns filing services. Even business owners will find this post helpful.