Few months ago Tally Solutions released its latest version Release 5.4, from the Release 5 series. Maharashtra, Madhya Pradesh, Tamil Nadu, Gujarat, Bihar and the national capital territory of Delhi were the six states where Tally Solutions rolled out the release. While Bihar and Madhya Pradesh witnessed the maiden launch of the Series 5, the rest of the states immensely benefited from the increased performance experience that the 5.4 version provided.
With the Indian Government succeeding in passing the constitutional amendment for GST in both the houses of the Parliament, the entire country is gearing up for the biggest indirect tax regime. By bringing GST into the mainstream of Indian Tax System, the government aims to bring more transparency into the functioning of businesses and streamline the processes. This specific release version of the Tally software aims to help businesses ensure that their transactions are precise and complete through the powerful concept of triangulation and with it; Tally Solutions will create awareness about the GST system for Businesses in India.
This specific release 5 series is designed in a way to allow businesses to be completely tax compliant, making sure that tax returns reflect the books of accounts precisely. This will surely help businesses with easier, simpler and quicker compliance. In the Release 5 of the ERP version, Tally has launched the VAT capabilities in a phased manner across India. Along the line with its earlier versions, Release 5 is also aimed at supporting businesses with an all-inclusive compliance solution for the geographies mentioned above and offers the latest VAT capabilities. In this regard, Release 5.4 includes all the features present in the releases before it. Moreover, users of Release 5 series, also stand to benefit from the performance enhancement features included in central taxation capabilities (service tax, excise and TDS) that's applicable across the country.
Release 5 series is already available in 18 States Union Territories of India since the time it was launched in July 2015. Now with its presence in the two states of Madhya Pradesh and Bihar, the product offers total support to businesses all over India.Today, the manufacturing, sales and other services activity are governed by a separate tax system. The manufacturing activity is covered with Central Excise, sales is covered under State VAT, and many other different services activity is covered under the Service Tax Act.
Riyaz Tamboli is a Director at Antraweb Technologies Pvt. Ltd, a leading provider of Tally ERP 9 Software and support. Antraweb is a Master Tally Solutions partner with over 20 years of experience in providing Tally services including integration, customization, providing mobile apps, add-ons and more. His knowledge and experience has been instrumental in developing customized solutions for various businesses. Organizations can benefit from implementing Tally ERP 9 for their business and can download it from website.