New and improved VAT experience is provided for the states of Goa, Haryana, Punjab, Puducherry, and Tamil Nadu, and Kenya in Tally.ERP 9 Release 5.2.
Benefits
The statutory enhancements for VAT reports enable you to identify and correct transactions recorded before filing tax returns. All transactions, whether recorded correctly, incorrectly or inadequately is captured, and categorised in the new report. Further, forms and annexures of the aforementioned states can be generated.
You can now experience the following flexible, intuitive options for transactions and masters:
● Configuring the various tax rates and other statutory details at the company and accounts or inventory masters level. These details get automatically applied for transactions.
● Defining new, user-defined classifications for masters and transactions.
● Overriding the default classifications during transactions.
With the statistics of vouchers, you can:
● View or verify transactions which are included, excluded or uncertain for tax returns calculation.
● Drill-down till the voucher level from these included, excluded and uncertain counts.
● Alter or correct information instantly for the transactions considered as excluded or uncertain.
● Generate VAT returns and annexures, as applicable.
● View assessable value and tax amount of sales and purchases - local and interstate. You can also drill-down till the voucher level.
● View opening balance of excess Input Tax Credit.
● View Nature of Returns for debit and credit note.
● View VAT and CST payments and drill-down till the voucher level.
● View payments related to advance tax, interest, and penalty.
● View payments of tax where the tax liability ledgers are created under current liability.
This statutory experience is enhanced for Kenya, and the following Indian states:
● Goa
● Haryana
● Puducherry
● Punjab
● Tamil Nadu
The statutory experience of 5 states have been enhanced in Release 5.2. To know more, click here.
Now you can migrate VAT and excise tax rates in no time at all. The tax rates for VAT and excise are automatically migrated to release 5.2 from releases prior to 5.0. However, release 5.0 and 5.1 users should manually migrate their tax rates to 5.2.
Benefits:
● The tax rate migration tool helps you to migrate the following modules:
o Excise
o Tax rates for VAT and excise
o VAT
● Tax rate migration tool helps you to re-migrate the tax rates that were not migrated automatically.
For more information click here.
'Release 5.2 Highlights' has been shared with
