Features of GST in Tally Package

Tally, one of the most popular accounting software packages, has been updated to incorporate the features required for Goods and Services Tax (GST) compliance in India. Tally.ERP 9 and its successors offer comprehensive GST solutions catering to the needs of small and medium-sized enterprises (SMEs).

1. Easy Setup and Configuration

Tally provides an easy setup feature for GST details, including company GSTIN, applicable tax rates, HSN/SAC codes, and more, making it simple to migrate to a GST-compliant system. Configuration options allow for the setting of tax rates product-wise or service-wise, helping in accurate GST calculation.

2. GST-Compliant Invoicing

Generates GST-compliant invoices for goods and services, complete with all necessary details such as GSTIN, HSN/SAC codes, CGST, SGST, IGST, and UGST calculations. Supports different invoice formats, including tax invoices, bills of supply, export invoices, and reverse charge invoices.

3. Comprehensive GST Return Filing

Automates the preparation of GST returns by utilizing the data from sales and purchase transactions. It supports the generation of GSTR-1, GSTR-2, GSTR-3B, and other relevant returns. Facilitates the easy export of return reports in the format required by the GST portal, making the filing process smoother.

4. Input Tax Credit Management

Efficiently manages input tax credits, ensuring businesses can accurately track and claim their eligible credits, reducing their overall GST liability. Allows for the reconciliation of purchase invoices with the suppliers’ data filed in GSTR-2, helping in identifying mismatches and taking corrective actions.

5. E-Way Bill Integration

Tally supports the generation of E-Way Bills directly from the invoice screen, simplifying the process of moving goods from one place to another under GST. Provides options to include transport details such as transporter ID, transportation mode, and vehicle number.

6. Advanced Reconciliation

Offers advanced reconciliation tools for matching purchase records with the suppliers’ GSTR-2A data, helping in ensuring compliance and maximizing the input tax credit. Alerts for mismatches and discrepancies aid in timely rectification and follow-up with vendors.

7. Inventory Management

Integrates GST with inventory management, allowing for the tracking of stock movement and valuation inclusive or exclusive of GST. Helps in determining the impact of GST on stock pricing and profit margins.

8. Multi-currency Support

For businesses dealing with international customers or suppliers, Tally supports transactions in multiple currencies, along with the calculation of GST on foreign currency transactions at current exchange rates.

9. Data Security and Reliability

Ensures data security with features like backup and restore, user access levels, and audit trails, which are crucial for maintaining the integrity of financial information.

10. Continuous Updates

Tally continuously updates its software to comply with the latest GST rules and regulations, ensuring businesses remain compliant with any changes in the tax regime.