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Statutory Updates

     

 Statutory Updates for Taxation Modules,
                                             Returns and Annexures


In view of the latest statutory requirements and the increasing compliance by businesses falling under the purview of Value Added Tax, various enhancements are being introduced in Tally.ERP 9. These business specific enhancements pertaining to changes in VAT Rates, Forms and Annexures etc. are provided for each State to ensure smooth functioning of day-to-day operations and timely filing of VAT Returns in the physical as well as the electronic modes as per the requirements of the Department.



Updates pertaining to Stat Release 240


VALUE ADDED TAX

Karnataka

♦ Revised VAT rate of 26% on petrol and 16.65% on motor spirit is supported

Kerala
♦ Revised VAT rate of 24.52% on diesel and 31.8% on petrol (other than Naphtha) is supported

Madhya Pradesh
♦ New VAT rate of 14% is supported

Meghalaya
♦ New VAT rate of 27% is supported

Punjab
♦ VAT rates of 3.5% and 8.5% are supported

Sikkim
♦ Revised VAT rate of 15% on high speed diesel is supported

 Requirement: Valid Tally.NET Subscription and Tally.ERP 9 Series A Release 4.9 or above.








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