Tally Solutions -- the maker of popular Tally business software -- on Tuesday launched "Tally.ERP9 Release 6.1.1" which is the latest in its line-up of GST-ready accounting software.

"Tally.ERP9 Release 6.1.1" will not calculate Goods and Services Tax (GST) on advance payments for small and medium-sized enterprises (SMEs) with an annual aggregate turnover of up to Rs 1.5 crore.

For larger businesses, the new software provides an option to account for this calculation while filing returns.

"As a software provider, we have tried to ensure a smooth and seamless GSTR1 filing process for the SMEs. We will continue to work closely with GSTN and bring releases that can enable our customers and GSTP community to submit returns from our software itself in an easy and effective manner," said Bharat Goenka, Managing Director, Tally Solutions, in a statement.

According to the company, the new software will not calculate GST on purchases from unregistered dealers (URDs) as part of the GSTR1 filing.