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Posted on by admin-s20

Success of Tally as an Accounting Software – I

Friends in today’s article we will try to understand the success of Tally as…

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Friends in today’s article we will try to understand the success of Tally as an Accounting software. Well, before we begin let me just introduce ourselves. We are No.1 in Tally Training, GST Training, Taxation Training and Accounting coaching classes in Ahmedabad. We have been very successful in getting students jobs after completion of their Accounting Courses, Tally Courses, Taxation Courses, GST Courses.

How Tally was born?
Tally is a brainchild of S S Goenka and his son Bharat. Goenkas were facing problems in handling their day to day bookkeeping and accounting. So Bharat being a brilliant graduate in Mathematics took up a challenge to develop an MS-DOS based accounting software Peutronics Financial Accountant. It was a success way back in 1986. So a smart guy with an urge to solve problem became an instant success. May be someone has advised them to rename this software so they renamed it to Tally. And we have a world class brand like Tally with us serving us since then.

With the changes in technologies, Tally has coped up with the same pace of changes. They launched Windows based version when Windows were launched. When ERP started penetrating businesses they launched Tally ERP versions. And Tally ERP became rage. Their latest version Tally ERP 9 became money-spinner. Over a period of time, they also kept incorporating various taxation and compliances related modules and changes into the software. So Tally was not just used in Accounting it was used in Taxation, Sales Tax, GST related compliances also. It really made life of businesses and accounting in particular very smooth.

Very important for any software product company is to have people addicted to their software. So they did not bother about piracy. They launched education version, auditor access, schemes for Chartered Accountants. This has created a fort around them. They did wonders with such high penetration strategies.

The major change came when they pushed on Tally Training – A Training based on their software. And soon you see flourishing Tally Courses, Tally Training Institutes. There are many students vying to get themselves do Accounting Course through a Tally Course. Tally became synonymous with Accounting in many parts of the country. Many institutes launched Tally Accounting Course, Tally Taxation Course, Tally GST Course etc. Tally Courses based on various versions of Tally also were in demand. So basically, through this route the product went viral. It so became that students wanted to Accounting Course / Training will come and ask for Tally Course at the Institute or an accountant wanted to learn Taxation came to ask for Tally Taxation Course or GST Course. I think Goenkas may not have expected this much love and affection from the users.

We are no fan of an Accounting Software. But let us accept that Tally has created name for itself. And it is really praiseworthy. An Indian company, completely homegrown and has made a mark for itself in this country. In the next article, we will discuss more on this topic.

Conclusion
Accounting and Tally classes in Ahmedabad are so much in demand that students despite having a subject to learn are still wanting to learn more from these classes. the bigger challenge is to find the right institute to train you and hone your accounting skills.

Posted on by admin-s20

Creation and Submission of GSTR-1– GST Part-IV

In today’s blog we will discuss how to file GSTR-1. GSTR-1 (Goods and Service…

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In today’s blog we will discuss how to file GSTR-1.

GSTR-1 (Goods and Service Tax Return – 1) (Outward Supply Return)

Basically, in GSTR-1, the dealer is required to give details regarding sales of the company. The details have to be filled in different sections of the returns.

1. B2B Invoices: In this section, the dealer has to give details regarding sales made to a person having valid GSTN. Details such as GSTN, Invoice No, Invoice Date, Total Invoice Value and Rate wise taxable value as well as tax amount are to be provided.

2. B2C Large Invoices: In this section, Details of inter-state supplies (i.e., Sales made outside the state) of goods to consumers where invoice value is more than 2.5 lacs are to be provided. Here also, Details such as POS, Invoice No, Invoice Date, Total Invoice Value and Rate wise taxable value as well as tax amount are provided.

3. Credit / Debit Note (Registered): Generally Debit note or credit notes are issued in case of purchase return or sales return. If any debit note or credit note is issued to a registered dealer then we have to give details of the same in this section. Details such as GSTN, Debit or Credit note No, Debit or Credit note Date, Original Invoice number and Original Invoice Date, Note Value, Type of Note, Reason for issuing Note and Rate wise taxable value as well as tax amount are to be provided.

4. Credit / Debit Note (Unregistered): If any debit note or credit note is issued to a registered dealer then we have to give details of the same in this section. Details such as Debit or Credit note No, Debit or Credit note Date, Original Invoice number and Original Invoice Date, Note Value, Type of Note, Reason for issuing Note and Rate wise taxable value as well as tax amount are to be provided.

5. Export Invoice: In this section, we are required to give details of sales made outside India. Details such as Invoice Date, Port Code, Shipping Bill No., Shipping Bill Date, Total Invoice value, whether GST is paid or not and Rate wise taxable value are to be provided.

6. B2C Others: Details of Taxable Sales not mentioned anywhere above are required to be given in this section. Details such as POS, Taxable value, Rate and GSTN of E-commerce operator if sales is made through e-commerce operator are to be provided.

7. Nil rated suppliers: Exempted or nil rated sales are required to be filled here. The dealer is required to give details such as inter-state supplies to registered and unregistered dealer and intra-state supplies to registered and unregistered dealer.

8. Advance received: If any advances for sale of goods are received but sale is not executed, such details are required to pay GST on advances received. Details of the same are to be given in this section such as POS and Rate wise advances received.

9. Adjustment of advance received: If we have paid taxes on the advances received and in the current tax period we have issued tax invoice then we can adjust the advance amount in this section and we have to pay tax only on balance invoice amount excluding the advance amount in which tax already being paid. The details of such advances for which tax invoice is issued in current tax period is to be given in this section such as POS and Rate wise advances received.

10. HSN wise summary of outward supplies: If turnover of the any business entity is more than Rs. 1.50 crores, they have to give HSN wise summary of outward supplies. Others can also give HSN wise summary of outward supplies voluntarily. Details such as HSN, Description, UQC, Total Quantity, Total Value, Total Taxable Value and tax amount are to be provided.

11. Document issued: Various documents required to be issued during the tax period by the tax payer for the various financial transaction. Details of the same is to be given in this section such as invoices for outward supplies – total, cancelled and net issued, invoices for inward supplies from unregistered dealer, revised invoices, debit note, credit note, receipt voucher, payment voucher, refund voucher and various delivery challans.

As mentioned above, various details are to be provided through GSTR-1. The same may be submitted either through EVC or through Digital signature. In case of companies and partnership firms filing of return is compulsory through digital signature.

We will discuss some interesting instances of implication of GST in my further articles. Your queries / feedback may please be emailed to me at s20.training@gmail.com .

– By CA Jigar Patel

Posted on by admin-s20

Bank Loans

I have got a call from a lady “Sir I am calling from ****…

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I have got a call from a lady “Sir I am calling from **** bank, we are providing personal loan…” and I disconnected the call.

Frankly speaking, today’s marketing gimmick of agents have made various loans very popular. Still I think there is good scope to discuss about various credit facilities provided by banks.

We can bifurcate loans into simply two parts (a) Secured Loans (b) Unsecured Loans. Today let us only focus on loans / credit facilities available for businesses. Loans provided to retail customers will be discussed later.

  1. Term Loan:

These loans are specifically provided to buy fixed assets for businesses like plants, properties, equipments, machinery, furniture, fixtures etc. this loans are secured loans against assets being created through such loan. Generally as per current market practice and depending upon financial strength of the borrower, in India margin of 25-40% is called from entrepreneurs and rest is funded by banks.

  1. Working Capital Limits:

These are basically limits sanctioned by banks to businesses. Businesses are charged interest, when they use the limit to the extent of use of credit. These limits are secured against current assets of the business. Many times, these limits are referred as Cash Credit or Over Draft, but they are not the same. Sanction of such limits depends upon working capital cycle, current asset position, liquidity of the business and of course financial strength of the business. Banks have their own criteria, how much to sanction to a particular business.

  1. Project Loan:

These are basically loans provided to a particular project of an entrepreneur. Depending upon the nature of the project, green field, brown field, white field etc. as well as industry, sector, financial strength of the promoters, past experience of the promoters and such other risks involved in the project, banks appraise the project and decide the margin requirements, payment tenure as well as rate of interest. These loans are many times mixure of term loans + working capital limits + letters of credit + bills discounting etc.

  1. Letter of Credit:

Mainly used by businesses involved in export / import businesses. LC is issued by banker of the customer for release to the banker of the supplier once certain pre-agreed conditions are met by the supplier. Banker of the supplier in effect credits the sum to the account of the supplier. Banks do charge commission and interest depending upon the situation on providing such facilities. We will talk more about LCs in some other article, as it requires some more focus.

  1. Bill discounting:

Bills / promissory notes of customers / bankers of the customers are accepted by banks and the same are paid before due date to the businessmen. This credit facility involves discounted payment release and the same may be as an interest.

  1. Infrastructure Finance:

In India, our infrastructure requirements are massive. Banks have a big role to play in this sector. These loans are generally long tenured loans. All these loans are secured loans. Many times, sponsors / govt. / public authorities stand guarantee to these loans. Infrastructure finance itself is a large topic of study research and discussion, which may require detailed focus in separate article.

  1. Foreign Currency Loans:

Many businesses, subject to RBI guidelines are eligible to obtain foreign currency loans from banks. Banks lend the customer in foreign currency. Many of these loans are used specifically by exporters and can prove to be cheaper than rupee loans, since many developed nations have lower interest rate regime.

  1. Other credit facilities:

Many other credit facilities are provided by banks to businesses like overdraft, FDOD, drop line credit, packing credit, bridge loans etc.

Your suggestions, feedback, expectations may please be emailed to s20.training@gmail.com

– Tejas Patel