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VAT gets a good focus in Tally's new version

Company tries to cover taxation better and help users get the much needed confidence that their returns are filed with complete accuracy

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Pratima Harigunani
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Mr. Bharat Goenka at the launch of Tally ERP Release .

BANGALORE, INDIA: Tally Solutions has launched Tally.ERP 9 Release 5.0, to help businesses in India address their most taxing problem, which is taxation, as it tags it.

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With the reconciled and triangulated tax returns, for Excise, Service Tax, VAT, and TDS/TCS – the new product release is designed to help businesses, their accountants and tax-practitioners, as well as taxation authorities, to quickly and easily match returns with actual data.

To ensure accuracy, Bharat Goenka, managing director and co-founder, Tally Solutions, said, “The principals of the solution are identical but through the in-built design the results will vary according to the laws of each state and no extra effort is required.”

While most features in Release 5.0 are applicable for users across the world, and the Central Taxes (Excise, Service Tax, TDS/TCS) are for India, the VAT capabilities are being launched in an incremental manner beginning with five states in India namely – Karnataka, Maharashtra, New Delhi, Rajasthan and Tamil Nadu.

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Subsequent releases will provide the VAT return forms for the rest of the states, covering the entire country shortly.

“We have spent the last 15 months on understanding where the problem lies and then solve it. Ensuring that your books and returns are reconciled wastes time either during preparation of the return itself, or during scrutiny or assessment. We believe the innovations behind our solution will go a long way to transform taxation for businesses,” said Bharat Goenka.

He added that the new version will occupy less memory space, enhancing performance and the existing users can easily upgrade from previous versions