If you are having business and confused about how to use Tally for GST based accounting, this post will help you understand How to setup GST in Tally.ERP 9.
As we all know GST came into effect from July 1, 2017 through the implementation of One Hundred and First Amendment of the Constitution of India.
With latest version of Tally.ERP 9 you can generate GST ready invoice, file accurate GST return. You can generate GSTR-1 and GSTR-2 in JSON format. Upload GSTR-2 directly in GSTN portal.
The new version of Tally.ERP 9 GST release handles all your GST related requirements.
From generating GST ready invoice till filing GST return, Tally.ERP 9 can handle all your GST related business and accounting needs.
GST Features in Tally
Benefits of GST
- Maintain business data of both VAT and GST regimes in a single company without the hassle to split the data.
- Get yearly financial reports containing both GST and VAT data at the click of a button.
- Minimize the chances of rejection of your GST returns.
- You can rely on Tally to file your GST returns easily, correctly and on time.
- Keep your valuable financial data safe and secure with TallyVault.
- you can introduce inventory, payroll, manufacturing, banking, user-level security controls, new compliance modules and more.
- With Tally.ERP 9 Release 6, it is easy to generate GST-ready invoices.
- It detect errors, which saves time for you to file accurate GST returns without too many hassles.
- You can Generate GSTR-1 and GSTR-2 in JSON format, which can be uploaded in GSTN Portal.
- GSTR-3B can be printed in a word document for filing GSTR-3B in the portal.
- Feature of Tally ERP9 “Marked Voucher”, update your tax consultant/client on the changes made by sending a list of only the updated invoices.
- In case you are a business owner, you will not need to rework on modified transactions done at later stage. You can simply update your tax consultant even with last minute changes made in the data.
- If you are a tax consultant, you can help your client to update his books by sharing only the list of modified transactions.
With every new rules changing in GST along with technology evolving, Tally’s ERP9 6.0 GST Software is upgraded to continuously make your GST experience faster and simpler.
Our latest release, Tally.ERP 9 Release 6, is packed with all new features for quick and easy GST return filing, helping business owners and tax consultants minimize rejection of returns in the GSTN portal.
Let’s discuss further how Tally can be used for GST :
1. How to create a company in GST ready using Tally ERP9 6.0
- Go to Gateway of Tally > Alt + F3 > Create Company
- Enter the basic information, i.e., name, mailing name and address of the company, currency symbol etc.
- In the ‘maintain field’, select Accounts Only or Accounts with Inventory as per the company requirements.
- In the Financial Year from, the first day of the current financial year for e.g., 1-4-2017 will be displayed by default, which can be changed as per requirement.
- Enter the Tally Vault Password if required.
- Press Y or Enter to accept and save.
2. How to enable / activate GST features in Tally ERP9
- Go to Gateway of Tally > F11: Features > F3: Statutory & Taxation
- In the screen you will find following options :
- Enable goods and service tax (GST) : Yes
- Set/alter GST Details: Yes.
- This will display another screen where you can set GST details of the company such as the state in which company is registered, registration type, GSTIN number etc.
- Press Y or Enter to accept and save.
3. How to create GST Tax Ledger in Tally ERP9
After creating a company and activating GST features, you need to create ledgers that will enable you to pass accounting entries in tally.
Here are the following steps to create ledgers in Tally ERP9:
- Go to Gateway of Tally > Accounts Info > Ledgers > Create
- Enter the Name for the ledger you want to create such as purchase, sales, state tax, central tax, integrated tax, stock item names etc.
- Select the appropriate group to which such ledger belongs for example state tax under duties and taxes group.
- Enter the other related information required and press Y or Enter to accept and save.
After having done the above 3 steps, you can start entering accounting entries in Tally. For this, Go to Gateway of Tally >Accounting Vouchers. There are many accounting Vouchers in Tally such as Payment, Receipt, Contra, Sales, Purchase, etc. Choose the relevant Voucher and start passing the accounting entries.
It easily integrates with Tally, Excel & other accounting software. You can import invoice level data for Sales & Purchase in the Neotech Incom software and then it will calculate the data points to be filled on various GSTR forms. It automatically populates a lot of data to make sure the return is error free.
You can also download our Tally Patch for filing your GST Returns.
In order to use Tally, following steps must be followed:
- Create a company
- Enable GST features
- Ledger creation