Tuesday, May 09, 2006

Tally introduces upgrades in Gujarat to simplify VAT accounting procedures

Helps increase business profitability, efficiency and accuracy

Tally Solutions today announced that with implementation of VAT in the state of Gujarat, Tally has upgraded its software with the convenience of generating state-specific statutory VAT reports. The software – TallySilver 8.1/TallyGold 8.1, will ease accounts conversion to VAT as businesses gear up to adopt Value Added Tax in the state of Gujarat.

Tally handles VAT transactions with ease and generates VAT returns at the press of the button. Within days of the Government of Gujarat, making the format of state-specific VAT returns official, Tally Solutions has released updates for its software that will allow users to generate these returns in the desired formats as necessary. Users can simply download the software update, follow the simple instructions for installing the same and carry on with minimal disruption in their work. More information on this update can be found on http://www.tallysolutions.com

According to Bharath Gopalakrishnan, President, CEO – South Asia Business, Tally India Pvt. Ltd., “with TallySilver 8.1/TallyGold 8.1, all users need to do is ensure the accuracy of all recorded ‘purchase invoices’ and ‘sales invoices’. Thereafter, at the press of a key, state specific statutory reports (forms and associated annexures) will be generated ready to be printed and filed with the tax authorities. Tally Solutions has over a decade of experience in countries like the UK and Singapore where our solution is already handling VAT successfully.”

Tally, incidentally is one of the earliest software available in the market to provide support for VAT for all states that have implemented VAT. Several states including Gujarat, Rajasthan, Madhya Pradesh, Jharkhand and Chattisgarh have implemented VAT from 1st of April 2006 and once again, Tally Solutions has moved early to provide VAT returns for these states as well.

Over 2005-2006, Tally Solutions was hailed as the leader in providing education and support to entrepreneurs and small and medium businesses in the country for making their accounting procedures VAT compliant. Through more than 1000 VAT education events, VAT education content in print, television and online media and the most comprehensive VAT compliance support in its flagship product - Tally Financial Accounting and Inventory management software, Tally Solutions met with unprecedented appreciation and support from India Inc.

VAT is the most remarkable tax reform since independence as it is extremely progressive, transparent and helps eliminate issues, concerns and problems faced by businesses under the current Sales Tax regime. In general, it will make businesses more competitive both within India and internationally, help reduce prices and make the system of taxation simpler and more transparent.