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Tally Enhances GST Compliance Experience with Release 5.5

by adminsmec079

Latest ERP version launched in Chhattisgarh, Himachal Pradesh, Jharkhand & Uttarakhand – More than 80% of businesses in India are powered by Tally.ERP 9

Tally Solutions announced the rollout of Release 5.5, the latest version of the Release 5 series from its Tally.ERP9 suites, in the states of Chhattisgarh, Himachal Pradesh, Jharkhand & Uttarakhand.

With the GST now likely to be implemented on 1st July, the entire country has a clearer timeline to gear up for the biggest change in the indirect tax structure. Through GST, the government intends to bring about greater transparency in business transactions and simplify compliance needs. Tally.ERP 9 Release 5.5aims to help businesses ensure that their transactions are correct and complete through the powerful concept of triangulation and with it Tally Solutions will help prepare businesses across the country for the GST regime.

Commenting on the launch of the newest version, Tejas Goenka, Executive Director, Tally Solutions says, “With Release 5.5 we welcome Chhattisgarh, Himachal Pradesh, Jharkhand & Uttarakhand into the simpler compliance fold. Release 5 is already helping majority of the states in the country to comply with the present day taxes in an effective manner and also preparing them for GST as it is fundamentally based on principle of 100% accurate transactions and tax returns being a true reflection of books of accounts.”

The Tally.ERP9 Release 5 series is designed to empower businesses to be fully tax compliant, ensuring that tax returns reflect the books of accounts accurately. This helps businesses with simpler, easier and quicker compliance.

The VAT capabilities in Release 5 are being launched in an incremental manner across India. In line with its preceding versions, Release 5.5is also aimed at supporting businesses with a comprehensive compliance solution for the geographies mentioned above, and provides the latest VAT capabilities. In this regard, Release 5.5includes all the features present in the releases before it. Additionally, users of Release 5 Series, also stand to benefit from the performance enhancement features incorporated in central taxation capabilities (Excise, Service Tax and TDS) that is applicable across the country.

Since its release in July 2015, Release 5 series has already been made available in20 Indian states and union territories. With the introduction of the latest version 5.5 in Chattisgarh, Himachal Pradesh, Jharkhand & Uttarakhand, the product currently provides comprehensive compliance support to 24 States across the country.

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Flipkart to create 2 million jobs in the marketplace ecosystem Logistics and warehousing to be the key employment generating sector Mar 25, 2015 Flipkart said it will create over 2 million jobs through its marketplace and ancillary services in the year 2015. The rapid development of the e-commerce ecosystem in India will contribute towards the generation of employment across sectors. Last year, over half a million jobs were created in the e-commerce space alone. Generating both direct and indirect employment, the marketplace model has opened up opportunities in metros and non-metro cities. This year, nearly 50-60% of employment will be created in tier II & III cities. For instance cities like Jaipur and Baroda have already become the ancillary industry hubs (cataloging and packaging) and they will continue to generate more opportunities in the future announced the press release. Sellers will also play a vital role in creation of jobs across India — sellers of home products, apparels, mobile accessories and small appliances will generate the maximum employment. In fact, the growth and expansion of their businesses will generate a minimum of 20-25 jobs per seller this year. Ankit Nagori, SVP, Marketplace, Flipkart, said, “In the recent times, e-commerce has emerged as one of the key drivers of Indian economy. This industry has contributed a lot towards generation of employment opportunities along with enabling SME’s and local artisans. Sellers on our marketplace have been directly responsible for driving employment within their own communities. In fact, e-commerce support facilities like merchandizing, buying, packaging and cataloging have generated more than 75,000 jobs in the last one year.” Nagori further added, “Currently, we offer a range of SME training programs across 20 cities in association with Ministry of Labour to train and guide interested people – helping them upgrade their skills and chart out their careers in industries that they choose to enter. We plan to scale up this to 40 cities in the next 6 months. Going by past trends, we are confident that Flipkart will generate close to 2 million jobs this year.”

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