Tally.ERP 9 Release 6.1.1 incorporates key points from the most recent GST Council meeting.
As per the law:
- Reverse charge mechanism under section 9(4) of CGST / section 5(4) of IGST Act suspended till 31.03.2018.
By default, Release 6.1.1 does not consider reverse charges liabilities into the returns. Use Enable tax liability on reverse charge under
F11: Statutory & Taxation to consider reverse charge liability.
- No need to pay GST at the time of receipt of advances on sale of goods for taxpayers with turnover up to Rs. 1.5 Cr.
By default, Release 6.1.1 does not consider taxes on advances received. For businesses with more than Rs. 1.5 Cr aggregate turnover, use Enable Tax liability on advance receipts under F11: Statutory & Taxation to consider tax on advances received.
With Release 6.1.1, you can look forward to:
Better GST billing experience
- Specify the discount value for each item in the invoice, and the discount value is considered as part of the assessable value of an item.Cash sales are considered as local sales by default now. Cash transactions will be much faster and error free.
Improved GSTIN validation
- Tally.ERP 9 validates the party GSTIN (as required by the GSTN portal) when you create a party or export GSTR-1. This helps avoid invoice rejection on the GSTN portal due to incorrect party GSTIN.
Deeper GST insights for outward supplies
- Do more with your GSTR-1 report. The Return Format view gives you the list of tables in the GSTR-1 return, and this is similar to the view in the offline tool. Drill down from each line to view a replica of what will appear in the GSTN portal. The Summary view gives you a nature of transaction-wise view, with an option to detail it out rate-wise for further analysis.
Better control of round-off mismatches
- We have introduced an option in F12: Configure to define the band for round-off limit for mismatches. With this, you can choose to ignore mismatches in tax calculation that occur due to minor round-off differences, up to a specific amount. Fewer mismatches to resolve means lesser work.
Enhanced GSTR-1 export capabilities
- If you are using compound units of measurement in Tally.ERP 9, you will be happy to know that you can now map UQC to either unit of measurement. Therefore you will have a more accurate HSN summary in your GSTR-1 e-Return.
- Option to enable or disable HSN Summary to choose if you want to export or ignore the HSN Summary for GSTR-1 filing.
Option to view the HSN Summary by HSN, or description, or both as per business needs.
- Now the docs sheet is also filled in the exported MS Excel to give you a complete GSTR-1 e-filing experience.