Tally ERP Billing

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Tax

Taxes in India can be categorized as direct and indirect taxes. Direct tax is a tax you pay on your income directly to the government. Indirect tax is a tax that somebody else collects on your behalf and pays to the government eg restaurants, theatres and e-commerce websites recover taxes from you on goods you purchase or a service you avail. This tax is, in turn, passed down to the government. Direct Taxes are broadly classified as : Income Tax – This is taxes an individual or a Hindu Undivided Family or any taxpayer other than companies, pay on the income received. The law prescribes the rate at which such income should be taxed Corporate Tax – This is the tax that companies pay on the profits they make from their businesses. Here again, a specific rate of tax for corporates has been prescribed by the income tax laws of India.Indirect taxes take many forms: service tax on restaurant bills and movie tickets, value-added tax or VAT on goods such as clothes and electronics. Goods and s...
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Input Tax Credit

Input Tax Credit Provisions have been made for the smooth transition of  Input Tax Credit  available under VAT, Excise Duty or Service Tax to GST.  A registered dealer opting for  composition scheme  will not be eligible to carry forward ITC available in the previous regime. Here are some of the cases where ITC transition provisions will be applicable: 1. Closing balance of credit on Inputs: The closing balance of ITC as per the last return filed before GST can be taken as credit in the GST regime. The credit will be available only if the returns for the last 6-months i.e. from January 2017 to June 2017 were filed in the previous regime (i.e. VAT, Excise and Service Tax returns had been filed). Form TRAN 1  has to be filed by 27th December  2017 to carry forward the Input Tax Credit.  Also, TRAN 1 can be rectified only once. 2. Credit on Capital Goods: Before GST, only a part of input tax paid on Capital Goods could be taken as c...
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eWay Bill

1. What is an eWay Bill? EWay Bill is an Electronic Way bill for movement of goods to be generated on the eWay Bill Portal. A GST registered person cannot transport goods in a vehicle whose value exceeds Rs. 50,000 (Single Invoice/bill/delivery challan) without an e-way bill that is generated on ewaybillgst.gov.in Alternatively, Eway bill can also be generated or cancelled  through SMS , Android App and by site-to-site integration through API. When an eway bill is generated, a unique Eway Bill Number (EBN) is allocated and is available to the supplier, recipient, and the transporter.   2.When Should eWay Bill be issued?   eWay bill will be generated when there is a movement of goods in a vehicle/ conveyance of value more than Rs. 50,000( either each Invoice or in (aggregate of all Invoices in a vehicle/ Conveyance) #  )  – In relation to a ‘supply’ For reasons other than a ‘supply’ ( say a return) Due to inward ‘supply’ from an unregistered p...
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