Business dynamics in India is on a verge to change soon; reason being the introduction of the Goods & Service Tax or GST. Come 01st July and the tax structure in India will witness a major overhaul. For an outsider, India has always been a country full of different taxes with each State having different tax laws. Now this will drastically change on 01st July 2017 as there will be only one tax throughout the country, i.e. ‘One Nation One Tax’. Now what does this mean to small, medium and large businesses as well as individuals? Will it be easier for businesses to adapt to this new tax structure or will GST pose some new challenges to them?
Most of the organizations in India, regardless of how small or big they are have Tally Accounting Software to work with. However, still the accounts team need to file returns manually which is quite a tedious task, considering the size of the organization and its turnover for the fiscal year. This can be made easier as GST can easily be integrated with the Tally ERP 9 software. Now, small and medium businesses can easily automate their functioning with the integration of Tally & GST. Under GST, the businesses would require to file at least 5 returns a month which could be a monotonous task to be done manually. GST’s compliance with Tally ERP will help businesses automate this process which will save a lot of time and cost.
Many businesses in India see the introduction of GST being the best thing happening to them as it will abolish the complexities of several taxes. Also, with GST being already compliant with Tally in Singapore and Malaysia, it won’t be tough for Tally to be GST compliant in India once the tax structure gets introduced. This compliance will eventually lead to transparency in business which will be the biggest benefit of GST getting compliant with Tally ERP. Many states in India are ready to roll out the GST ready version of Tally ERP starting 01st July 2017. Many industry experts also see this compliance between GST & Tally as a win-win situation for both businesses and individuals as henceforth all transactions including the return files will be executed under GST complaint Tally software. Further, to make the understanding of GST and its nuances simple, Tally has also launched a GST mobile app. This app will be a rich source of information on GST and will help businesses adopt this tax structure more efficiently.
