This topic details the key VAT changes specific to Bihar, Madhya Pradesh and Gujarat, and mentions the Excise-related updates introduced in Tally.ERP 9 Release 5.4.
Latest changes to the VAT forms for the states of Bihar and Madhya Pradesh are supported in Release 5.4. A report is provided to view the details before generating forms and annexures. All transactions, whether recorded correctly, incorrectly, or inadequately, are captured and categorised in the new report. You can identify and correct errors in the VAT details before filing tax returns. Save the finalized details, and generate VAT returns and annexures, as applicable.
The enhanced VAT report has the following sections:
● Included in returns/annexures: View or verify transactions that are included in returns and annexures. You can also drill down to view the voucher, and make modifications, if any.
● Not relevant for returns/annexures: View or verify transactions that are not relevant for returns and annexures. You can drill down till the voucher level to make changes, if required.
● Incomplete/mismatch in information (to be resolved): View or verify transactions that are incomplete/mismatch in information. You can drill down to view different categories of exceptions, and resolve the exceptions instantly.
● View assessable value and tax amount of all sales and purchases related to VAT.
● Drill down to view rate-wise, commodity-wise and voucher-wise breakup of assessable value and tax amount.
● View opening balance of excess Input Tax Credit.
● View Nature of Returns for debit note and credit note.
● View VAT and CST payments, and drill down till the voucher level.
● Provide necessary challan details for your VAT and CST payments.
● View payments related to advance tax, interest, and penalty.
● View payment of tax, where the tax liability ledger is created under Current Liability.
The following enhancements are made in masters and transactions:
● Configure tax rates and other statutory details at the company, accounts or inventory masters level. These details get automatically applied in transactions.
● Create user-defined classifications, and apply them in masters to inherit the tax details.
● Override the default classifications during transactions.
For more information, click here.
● The taxation module for Gujarat has been enhanced to support e-filing of annual returns. You can generate and export Annual Return Form 205 and Annexure 205A to the template provided by the department for e-filing.
● VAT computation report for Form 201 has been enhanced to display ITC Reversal Computation and ITC Reversal Stock Item reports.
On popular demand, Form RG 23A and C Part I & II, PLA Register, Annexure II and Annexure 10 are reintroduced in Tally.ERP 9 Release 5.4. These forms were available in releases up to Tally.ERP 9 Release 4.93.
The exception handling feature in Tally.ERP 9 Release 5.4 is optimised for the states of Delhi, Gujarat, Maharashtra and Tamil Nadu. You will be delighted with the speed with which you can now resolve exceptions. You can group exceptions item-wise or ledger-wise and resolve multiple exceptions together.
Data created in earlier releases is migrated to comply with Release 5.4 enhancements.
For Gujarat, Bihar, Delhi, Madhya Pradesh, and Tamil Nadu users, once you have upgraded to Release 5.4, you can,
● Choose a statutory module.
● Drill down to get the break-up of data compliant for filing returns.
● Resolve exceptions to make your data compliant for filing returns.
For more information, click here.
*States covered for enhanced VAT experience