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Kingdom of Saudi Arabia (KSA) VAT
United Arab Emirates (UAE) VAT
1. Tax computation analysis : Before generating the return, get a complete overview of all transactions and taxes. The VAT tax computation and analysis report shows transactions which have been included or excluded in the return, the total amount of tax to be paid, and refundable amount if paid in excess. You can drill down further from each of these groups to find out why.
2. Automatic detection of errors : Tally.ERP 9 raises alerts in case of tax mismatches, wrong TRNs or missing tax components. This lets you take corrective action immediately.
3. Generate your VAT return in MS Word format : You can generate your VAT return in MS Word format and use it as a reference while filling in details in the GAZT e-portal for filing the return.
4. Save return in your system : You can save a copy of the filed return in your system. Tally.ERP 9 will point at any changes which are made on the saved return period based on which you can revise your return if required.
Track reverse charges and Input Tax Credit
In Release 6.4, you can mark transactions with reverse charge applicability, and transactions for which you have paid VAT at customs . This way you can track reverse charges and Input Tax Credit.
1. Define tax return period : Firstly, you can start by defining the tax period as specified by the Federal Tax Authority (FTA).
2. Tax computation analysis : Before generating the return, get a complete overview of all transactions and taxes. The VAT tax computation and analysis report shows transactions which have been included or excluded in the return, the total amount of tax to be paid, and refundable amount if paid in excess. You can drill down further from each of these groups to find out why.
3. Automatic detection of errors : Tally.ERP 9 raises alerts in case of tax mismatches, wrong TRNs or missing tax components. This lets you take corrective action immediately.
4. Generate your VAT return in PDF format : You can generate your VAT return in PDF format and use it as a reference while filling in details in the FTA e-Services portal for filing return.
5. Save return in your system : You can save a copy of the filed return in your system. Tally.ERP 9 will point at any changes which are made on the saved return period based on which you can revise your return if required.
Track reverse charges and Input Tax Credit
In Release 6.4, you can mark transactions with reverse charge applicability, and transactions for which you have paid VAT at customs. This way you can keep a track of your reverse charges and Input Tax Credit.
● In the Statutory and Taxation screen, you can set the date from which the first quarterly return starts , and generate the VAT returns as per the periodicity specified by the FTA.
● The printed Bilingual sales invoice used the default print margins, after the Margin on left was changed in the Invoice Print Configuration screen. This issue is resolved.
● The company TRN did not appear in the printed sales invoice, when the option Print with Company Address? was disabled in the Report Title , and the option Print company's TRN number? was enabled in the Invoice Print Configuration . This issue is resolved.
● The tax on imports appeared as Balance Liability in Reverse Charge Summary , after the journal voucher was recorded for Increasing Input Tax against the voucher recorded earlier for Increase of Tax Liability . This issue is resolved.
● The Purchase value appearing in the Audit File report was doubled. This issue is resolved.
'Release Notes for Tally.ERP 9 Release 6.4 - GCC' has been shared with
