NEW GST REFORM AND TALLY (1)
1- Reductions in the GST rates (22-Sep-25)
The reduction in GST rates scheduled for September 22, 2025, refers to a planned decrease in the Goods and Services Tax (GST) rates implemented by the relevant tax authorities. This measure aims to lower the tax burden on certain goods and services, potentially stimulating economic activity and providing relief to consumers and businesses. The specific details of the rate reductions, including which categories are affected and the extent of the decrease, would typically be outlined in official notifications or government announcements closer to the date.
2- Launch of GST appellate tribunal (GSTAT) (Sep-25)
The GST Appellate Tribunal (GSTAT) was launched in September 2025. This tribunal serves as an appellate authority for disputes related to Goods and Services Tax (GST), providing a dedicated platform for resolving appeals and ensuring a streamlined dispute resolution process within the GST framework.
3) Tally Features to Support the New Reform
GST tax rate setup involves configuring the applicable rate in the system, and then applying it to products during the transaction process to ensure accurate tax calculation.
4- Connected banking
Connected banking refers to the integration of banking services with various digital platforms and technologies, enabling seamless and real-time access to financial information and transactions. This approach enhances customer experience by providing more convenient, efficient, and personalized banking services through interconnected systems, mobile applications, and online platforms.
5- GSTN and HSN Validation
The GSTN (Goods and Services Tax Network) and HSN (Harmonized System of Nomenclature) validation processes are designed to ensure the accuracy and consistency of tax-related data. Specifically, HSN validation involves verifying that the HSN codes assigned to goods are correct and conform to the standardized classification system. This helps in proper tax calculation and compliance. The validation process typically provides a short description or summary indicating whether the HSN code entered is valid, correctly formatted, and matches the relevant product description, thereby facilitating accurate reporting and compliance under GST regulations.
6- Some Audit related reports and features
Audit-related reports and features typically include tools and documentation designed to ensure compliance, accuracy, and transparency within an organization. These may encompass audit logs, compliance reports, risk assessment summaries, and detailed transaction histories. Each report provides a concise overview of specific audit activities, highlighting areas such as data integrity, access controls, and procedural adherence. These features are essential for maintaining regulatory compliance and supporting internal and external audits by offering clear, comprehensive insights into organizational processes and controls.
