Tally Solutions is the leading GST Suvidha Provider and has now launched the latest product - Tally ERP 9 with GST. Are you ready for the GST wave in India. KMPL is the leading certified 5 Star Partner for Tally. Contact: finance@knottykart.com
Intra State
If the location of supplier and place of supply is in same state, CGST and SGST is applicable
Inter State
If the location of supplier and place of supply is in different state, IGST will be applicable
Here speaker should explain process of availing credit in GST regime1. Seller upload the sales2. Buyer accepts it3. Seller pays taxes4. Buyer avail the creditImportant Exceptions : 1. If seller fails to pay tax, credit availed by buyer will be reversed2. In case of partial payment of tax by the seller, all his buyers credit will be reversed! Big problem!!!
The order in which credit needs to be set off is explained below:
CGST (Central GST) : CGST and IGST (in that order)
SGST (State GST): SGST and IGST (in that order)
IGST (integrated GST) : IGST, CGST, SGST (in that order)
Story line:
Quote the law sentence
For this to be implemented, you need invoice level details.
3. Maintaining details at the invoice level rigorously is cannot be done manually.4. Therefore ‘usage of technology’ is not nice-to-have, but MUST HAVE to implement the law. Therefore GST is technology-centric implementation.
1. Start with recent news item to establish connection with audience.
2. Did this surprise us? Yes, for first few days. Bold move from central government!
3. However in hindsight, there are series of measures implemented by central government, like creation of bank accounts, linking to Aadhar etc. If you analyse intentions, it will no longer be surprising.
1. Highlight willingness of government to implement bold steps, to bring in systemic reforms.
2. Shake up audience with fear emotion about non-compliance, so that they open up, start listening to details in next slides.
This is a BIG change compare to today’s tax regimeYou have to be more disciplined and consistently compliant month on month
Why you should start using technology from today?To set right your books to avail ITC, you need to start using technology from today!GST is going to be technology-centric implementation and technology will benefit you immensely going forward. You will not be able to clean your books overnight. You have to give time to yourself for transition.Its better to start using technology from today for benefit of tomorrow.(Speaker should emphases here to “Be on latest release of Tally.ERP 9 release 5.x”)
This is just a possibility which may happen for new business relationship or in a relationship where credibility has not been established due to past experience. The intent of this slide is not to scare but to present a possibility of what may happen and that can be easily prevented by being compliant. The crux of the message is that the customer may withhold the payment till supplier transactions matches with that of purchaser. But the supplier has to pay the tax by 20th to the Govt. Only on 20th, input credit will get confirmed for the customer (Till then it is provisional). This may cause cash flow problem for the supplier as illustrated by the example shown in the presentation
Your buyer will start choosing his vendors (you and your peers) based on your discipline/compliance. Be aware of how to handle this situation.
In the VAT era, you needed to match your input tax credit with out tax liability. Similarly, for you to be able to claim service tax credit, you needed to be a service tax registered entity mandatorily. The credit flow wasn’t seamless. Now with GST, all of these will go away and a single registration will allow you to claim credit on all those expenses which are meant for furtherance of your business. You should make full use of this provision as this will have a direct and positive impact on your bottom-line and help you become more competitive. This however will require you to deal with GST registered suppliers and your purchase and procurement process will need to become streamlined for the same.
You are not only obligated to comply yourself but educate and encourage your supply chain (both backward & forward) to do the same as availability of input credit & cost optimization is contingent on this. You should spend enough time to ensure this happens in the interests of a healthy and profitable chain
Accounting for your transactions correctly and in a timely manner and encouraging your suppliers to do the same is important for healthy compliance leading to better cash flow and margins
Today, many software vendors are claiming that they are GST compatible
Are they really compatible? Any GST compliant software mustAllow recording of transactionsConnects to GSTN seamlesslyIs able to reconcile with data in GSTNIf your software is not supporting ALL mentioned above then it cannot call itself “GST Compliant”So warn audience about “before finalizing on any technology for your GST compliance ask these questions to your software vendor”. Prevent others from selling wrongly to businesses.
Ease of Tally Technology:
Easy installation
Quick setup; no implementation procedure
Start recording your business transactions within minutes
Simple and user friendly interface which mimics the human train of thought
No or very less training required to start operating Tally
Easy detection and correction from anywhere in Tally
Suits your style of accounting process adopted by your business
Can be operated with normal computer, no need of high end IT infrastructure
Flexibility of data management
Tally data not prone to any kind of virus threats
Key ingredients of Tally Accounting
Master Creation:
One time master creation will all required information for GST compliance
No need to create all the masters to start recording your transactions
Masters can be created on the fly
Easy alteration of master information
Recording Transactions:
Easy to record transactions in double entry and mode and single entry mode
Purchase entries in invoice mode, to validate the calculation during the entry
Record and print sales invoices from Tally
Flexible invoice size for printing
Add, duplicate, Delete and Cancel vouchers from the reports
Reports ready for business reporting:
Once the records or vouchers are saved, auto posting to ledgers and reports
No additional entries or configuration for generating reports
Instant report of Balance Sheet, Profit & Loss A/c, Trial Balance and other MIS reports
Receivable and payable reports, party wise or group wise
Stock summary with opening, inward, outward and closing balance
With click of a button view Group wise, Item wise or transaction wise profitability
Generate Sales and Purchase registers
GST compliance report:
Simple step compliance management
Seamless detection, correction and simple step upload of data
Triangulation report – correction and export of data to respective state annexure.
Can export all your sales and purchase invoices by click of a button to respective templates
Upload your returns from with Tally
(Total time – 10 – 12 Mts)