A tally is accounting software that has simplified accounting activities. It is defined as a debit and credit record or an account. Tally is mainly developed to track the financing of small and medium-sized enterprises in which the flow of capital is limited. A small business owner must be aware of the finances available in his company before making any decisions.
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Tally has facilitated the life of accountants by simplifying the method of carrying out accounting activities. Before this, accountants had to write all their accounts by hand in account books and it was a long and tedious error-prone process. Tally has various packages suited to the company’s needs based on its size. It is an annual investment that must be renewed on an annual basis.
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Some basic functions included in Tally are Accounting, Finance, Inventory, Sales, Costs, Purchase, Payments, VAT, Excise and much more. Today Tally has become a basic necessity for an accountant and there are almost no companies left that keep the accounts on paper. With Tally, even a non-accountant, interested in seeking knowledge in this field, can keep the records of his organization. Many manuals are available with instructions for using this software.
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GST has now become a monthly affair and must be filed every month without fail. GST (Tax on goods and services) was introduced on 1 July 2017 to replace all indirect taxes collected on goods and services. GST is collected at every stage of the production process and is a common tax that is paid by anyone who purchases the product or service. However, it is intended to be reimbursed to all parties at various stages of production other than the final consumer.
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Goods and services are divided into five plates for tax collection: 0%, 5%, 12%, 18% and 28%. However, petroleum products, alcoholic beverages, electricity are not taxed according to GST and instead are taxed separately by individual state governments, as per the previous tax administration. The lowest rate of the GST tax is charged on daily products and the highest rate on luxury items. Pre-GST, the mandatory tax rate for most goods was greater than the post-GST finance tax interval.