The year 2017 has given all of us the largest tax reform known as the Goods and Services Tax, popularly called GST. It is divided into five slabs that has separated various commodities and levied different rates on products belonging to different categories. GST is being collected by small, medium and even large enterprises. Accounting professionals have also learnt a new way of calculating tax and making it mandatory to teach calculation of GST at all accounting institutes.
Although the first draft of GST was presented in the year 2000, it took 17 years for the law to evolve and start functioning. The government has noted that in today’s era of technology and Internet, it is very important to be tech-savvy and allow all activities related to GST to be online. Therefore, activities such as registration, filing of return or refund, response notice are all managed through their online portal.
GST has three components, namely CGST, SGST, and IGST. It is collected by Central Government, State Government and Inter-State Government respectively. The general public was initially sceptical about the entire functioning of GST. It created a lot of confusion in the minds of people. But slowly we got to know that Tally software caters to GST as well.
Initially Tally Solutions aimed at developing a Point of Sale technological solution. However, it then understood that all small and medium scale businesses would make use of filing GST returns. It was only then that Tally ERP 9 was launched that made GST filing easier. Tally has strived to build a reliable GST software in order to make it simple for organizations as well as tax consultants.
Tally’s GST software is easy to download. Most of it is self-explanatory. Tally software has ensured to educate its online users using online tutorials. This not only saves time, but also makes learning easy. All queries are answered online. It allows the user to segregate invoices, input tax credit and keep all bills in order. Opt for a free trial of the software and assess how your business can actually benefit from Tally.
Because of the advancement of GST, more and more accounting professionals have started to show keen interest on learning Tally ERP 9, in order to be up-to-date with market requirements. This has opened employment opportunities as well as created interest among many people to pursue a profession in GST and taxation.
GST has directly and indirectly impacted Tally software in the line-of-work. It has also made employees well informed about taxation norms and given good reasons for filing returns accurately and efficiently. Its versatile nature adapts to all business needs and suits different financial bodies too.
Using well-organized GST software not only takes care of all your financial needs, but also ensures a hassle-free experience. A number of other financial bodies have also started to use Tally ERP 9 in order to make filing of returns simple. The main advantage of this software is that it is easy to understand and flexible to use. Thus, the demand for Tally has increased in recent times leaving a positive outcome on all businesses.