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VAT has been implemented in the UAE and KSA from January 1st 2018,as mandated by the GCC.  5% VAT will be implemented on the supply of goods and services. It is mandatory for businesses to maintain books of records for a minimum of 5 years henceforth. Read on to get answers to any questions you may have related to VAT. What is VAT? Value Added Tax (VAT) is a general consumption tax which will be levied on the majority of  transactions of goods and services. It is charged at every point of sale, from manufacturing to  sale to an end consumer. The mechanism of input tax deduction ensures that the businesses  act as tax agents or tax collectors on behalf of the government by collecting tax from the end consumers, account the collected amounts and pay the tax. This is achieved by adjusting the tax paid on purchases referred to as ‘Input Tax Credit’ or  ‘Input VAT’ with the VAT collected on sales referred to as 'Output VAT.'' If there is any balance ...

Mobile number and email ID entered in the GST portal is of utmost importance for a registered person, as all notifications with respect to the GST portal will be communicated to the mobile number and email ID specified. Many tax payers want to know how to change mobile number in GST Registration as well as how to change the e-mail ID in GST Registration as specified in the portal. How to update e-mail ID and phone number in GST portal Let us understand the process for this: Login to the GST portal with your username and password. Click  Services>Registration>Amendment of registration Non-core fields 3. The tabs for editing will display. Click the  Authorised Signatory 4.The current authorised signatory will be displayed. Click  Add New. 5. Specify the details, including the new mobile number and email ID of the signatory. Click the ‘ Save ’ button to save the details. 6. Click the  Verification a.Tick the  Verifica...

Tally Solutions,then known as Peutronics, was co-founded in 1986 by Shyam Sunder Goenka and his son Bharat Shyam Sunder Goenka was running a company that supplied raw materials and machine parts to plants and textile mills in southern and eastern India. Unable to find a software that can manage his books of accounts, he asked his son, Bharat Goenka, 23, a math graduate to create a software that would handle financial accounts for his business. The first version of the accounting software was launched as an MS-DOS application. It had only basic accounting functions, and was named Peutronics Financial Accountant. It was known as the first code less package, a feature that made it easy for most people to use. In 1988, the product was renamed as TALLY. In 1999, the company formally changed its name to Tally Solutions. In 2005, Tally 7.2 was launched with features designed to meet Indian value-added taxation (VAT) requirements. In 2006, Tally launched Tally 8.1, a concurrent multi...

Invoicing is a crucial aspect of tax compliance for every business. It is essential to be aware of the rules of invoicing under GST. Let us understand these in detail. Invoicing in the current tax regimes In the current tax regimes, two types of invoices are issued: Tax invoice  – This is issued to registered dealers, and can be used to claim tax credit. Sample formats of the two main types of tax invoice in the current tax regime, the Rule 11 Excise invoice and tax invoice are shown below. Retail or commercial invoice  – This is issued to an unregistered dealer or retail customer, and no tax credit can be claimed on this invoice. Sample format of a retail invoice in the current tax regime is shown below. Invoicing in the GST regime In the GST regime, two types of invoices will be issued: Tax   invoice Bill   of   supply Tax invoice When a registered taxable person supplies taxable goods or services,...

In the GST regime, broadly two types of invoices will be issued – Tax Invoice and  Bill of Supply.  Tax invoice is to be issued by a registered taxable person for the supply of taxable goods or services. The bill of supply is to be issued by a registered taxable person for the supply of exempted goods or services, and for supplies by a composition tax payer. In this blog, considering the latest additions in the GST Law, let us understand the invoices to be issued in specific business cases and the details required to be specified in these invoices. Also Read: Types of invoices under GST in next blog On receipt of advance payment When a registered dealer receives an advance payment for a supply, the dealer should issue a  receipt voucher  for the advance paid by the recipient. A sample receipt voucher is shown below: After a dealer issues a receipt voucher, if the supply does not take place, the dealer can issue a refund voucher to the reci...

Import Party GSTIN The  Import Party GSTIN  add-on helps you update GSTIN details of all parties at once from Microsoft Excel. It is very useful if you have the GSTIN information of all parties outside Tally.ERP 9 and want to import the information to update the party ledgers in Tally.ERP 9. Note:  You need to export existing party information to MS Excel using  Update Party GSTIN , and use this MS Excel file to fill in the GSTINs that you want to import. To install the Import Party GSTIN add-on 1.      Download the  Import Party GSTIN  add-on from the Add-ons section  Click here to Download add ons 2.      In Tally.ERP 9, click  F12: Configure  >  Product & Features  >  F4: Manage Local TDLs . 3.      In the  TDL Configuration  screen, set the option  Load TDL files on startup  to  Yes . 4.      Sp...

To update party GSTIN or UIN 1.      Go to  Gateway of Tally  >  Display  > Statutory Reports  >  GST  >  Update Party GSTIN/UIN . 2.      Select the group and ledger for which you want to update the GSTIN/UIN. 3.      In the  Update Party GSTIN/UIN  screen, enter the GSTIN/UIN number for each party. Click  F5  to toggle between  Show All  and  Show Pending. Show All:  Lists all the parties. Show Pending : Lists the parties with missing details, such as country, state, registration type, or GSTIN/UIN. Once you have updated the GSTIN/UIN for your parties, you can print the GSTIN details in your invoices for filing returns.