5% VAT will be implemented in the United Arab Emirates (UAE) and Kingdom of Saudi Arabia (KSA) from January 2018, as mandated by the GCC (Gulf Co- operative Council).
If you are a business owner, then on the one hand, you might be eager to align your business to VAT, while on the other you might be wondering where to begin? The following questions are probably running through your mind.
Well, where to make the start is the bigger question. Start by recording transactions and generating invoices in a VAT compliant way.
Watch video: Getting started with Tally.ERP 9 for GCC VAT compliance
Tally.ERP 9 is a 100% VAT ready software that is backed by 30 years of experience
in building software for VAT in different tax environments.
Tally.ERP 9 is accredited by GAZT (General Authority of Zakat & Tax) in Saudi Arabia. It is also compliant with the VAT guidelines as prescribed by the FTA (Federal Tax Authority) of UAE.
If you are in the UAE, you can generate your VAT return in XML or MS Excel format and VAT Audit file in ASCII format as prescribed by the FTA. The return gets generated by breaking down the taxable sales transactions Emirate-wise as mandated by the FTA.
If you are planning to computerize your business, Tally.ERP 9 makes it very simple
an easy for you. You can start recording transactions and creating invoices within
minutes of installation.
Create invoices with single items, multiple items, multiple tax types and even multiple currencies. Invoices with multiple currencies can be printed with the value breakups of the transactions in terms of the different currencies. VAT gets calculated on the base currency (the currency of your country).
If you are moving your business data from any other software to VAT compliant Tally.ERP 9, then only an add-on is required to be purchased.
One of the most innovative features of Tally.ERP 9 is that it lets you print invoices in Arabic, English or both, as per the mandated guidelines of GAZT and FTA.
Tally.ERP 9 has the unique capability to automatically detect errors, display the reasons for errors and let you correct them. For example: You will get alerts on errors such as tax mismatches, missing tax components, wrong TRN nos., and so on. With this capability, you can be sure that your business data is correct, up-to- date and VAT compliant.
Whether you are a trader, retailer, exporter, importer or a wholesaler, Tally.ERP 9
can handle VAT transactions for a range of business scenarios that you encounter
every day. These might include discounts, freight charges, self-account for reverse
charges, input tax credit and advance receipts.
Tally.ERP 9 gives the flexibility to let you configure VAT as it fits your business. For example: You can define tax at any level such as stock items, ledger, group, etc. as suitable to the nature of your business. If you are purchasing capital goods, Tally.ERP 9 lets you decide how much input tax credit you wish to claim. If you use the capital good to produce exempted goods in the future, you can reverse the input tax credit and make adjustments.
Generate your VAT return after getting a clear picture of tax calculations and
analysis in the Tax Calculation report, with Tally.ERP 9. The report gives a complete
overview of all transactions, total amount of tax to be paid and refundable amount if
any. It lists down transactions which are included and excluded in the VAT return.
You can drill down to find out why certain transactions are excluded, how tax has
been calculated, and so on. The tax calculation factors in changes in price, sales
returns, escalations, de-escalations, advance receipts, reverse charges and other
You can save and retain your own digital copy of the VAT return. In case you make any changes in the masters or transactions, you can track them to the last detail. Tally.ERP 9 gives you the flexibility to recalculate the VAT return. You can either override the previous copy, or have a new Revised Copy.
File your VAT return with confidence!
Tally.ERP 9 auto populates all transactions on which reverse charge is applicable in
the Reverse Charges report. It lists transactions for which liability has already been
booked and for which liability needs to be booked. You can pass Journal Vouchers
from the same screen for booking liabilities.
Refer the Advance Receipt report to find out advances for which you have already created tax liability and for which you need to create, for a given period. Tally.ERP 9 helps you book liabilities from within this report itself. You can pass just one single Journal Voucher for all the advances in a single click. If your business is based in the UAE, you can do the same Emirate-wise.
Where a single computer with Tally.ERP 9 is adequate for your operations, the Silver edition is what you need. A ‘user’ in this context is actually a computer system.
Tally.Server 9 is an enterprise-class product for medium and large sized businesses whose pace of growth requires them to invest in IT infrastructure that improves business efficiencies.