New and improved VAT experience is provided for the states of Assam, Odisha, and West Bengal in Tally.ERP 9 Release 5.3.
The new experience enables 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 the following Indian states:
● Assam
● Odisha
● West Bengal
Enhancements related to filing of returns are supported for Andhra Pradesh, Delhi, Haryana and Rajasthan.
For more information, click here.
The Tax Rate Setup tool is used after migration of data from releases prior to 5.0 to Tally.ERP 9 release 5.3. This tool helps to configure tax rates and excise tariffs of all stock groups and items in release 5.3. If there are multiple stock items, this tool makes it very easy to configure rates and tariffs for all from one screen.
It can be used to set excise tariff rates from the Excise Tariff Setup screen, and VAT rates from the VAT Rate Setup screen.
For more information, click here.
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