BRIEFS

Tally introduces first VAT-compliant solution

Tally Solutions has launched India’s first VAT-complaint business accounting solution, Tally 7.2, as the country gears up to adopt Value Added Tax (VAT) from April 1. Aimed at the over eight million establishments in the SMB segment, the solution is positioned as the ultimate accounting software tool for India Inc.

Explaining the initiative, Bharat Goenka, the company’s MD says, “VAT is simple and aimed at transparency, but the changeover to VAT is a challenge requiring a clear understanding of rules and compliance norms by the business community, and more importantly, the trading community. Tally Solutions has driven over 75 percent of all VAT-related education in India via seminars over the last two months, and we have committed to conduct over 1,500 customer events to demystify VAT in the coming weeks.”

Unveiling 7.2 Goenka said, “To make the change-over with simplicity, Tally 7.2 offers the ability to print state-specific statutory VAT reports.” According to a study by McKinsey, an overwhelming 95 percent of SMBs in India have bought a PC for the management of accounts.

“Tally 7.2 is priced at Rs 4,950 for a single user licence and Rs 13,500 for a multi-user licence. 7.2 will be available to customers through an extensive channel network of over 25,000 resellers in the country. In doing so, we have taken care of both affordability and availability across India,” says Bharath Gopalakrishnan, President of Tally. “With 7.2, all a user needs to do is ensure the accuracy of all purchase invoices and sales invoices recorded. Thereafter, at the press of a key, state-specific statutory reports, documents and accounts will be directly generated, along with forms. These could then be printed for filing statutory returns. Tally Solutions has over a decade of experience in countries such as Britain and Singapore, where our solution is already handling VAT successfully.”

“The advantages of VAT in the long-term are undeniable, and actually lead to a reduction in taxes for all concerned parties. However, to reap the benefits, most organisations will be forced to completely transform their accounting practices; they need to maintain accounts and generate reports that they have not been doing so far. We are offering the market a software that will considerably ease the demands on organisations that the VAT system imposes,” explains Gopalakrishnan.