73 lines
2.5 KiB
Markdown
73 lines
2.5 KiB
Markdown
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# Statutory Requirements for India
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As of 2017, India will fall under the new GST (Goods and Services Tax) regime and ERPNext makes it easy for users to track the details of its Supplier and Customers across Invoices and make the required reports.
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## GST Features in ERPNext
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### 1. Setting up GSTIN
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GST Law requires that you maintain the GSTIN number for all your suppliers and vendors. In ERPNext, GSTIN is linked to the **Address**
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[Add GST in Address]
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**GST for your Company Address**
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You also need to set the Address for your own Company and your Company's GST Number
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Go to the Company master and add the GSTIN to your default address.
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[GST in Company]
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### 2. Setting up HSN Codes
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According to the GST Law, your itemised invoices must contain the HSN Code related to that Item. ERPNext comes pre-installed with all 12,000+ HSN Codes so that you can easily select the relevant HSN Code in your Item
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[Select HSN Code in Item]
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### 3. Making Tax Masters
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To setup Billing in GST, you need to create 3 Tax Accounts for the various GST reporting heads CGST - Central GST, SGST - State GST, IGST - Inter-state GST
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Go to your **Chart of Accounts**, under the Duties and Taxes head of your account, create 3 Accounts
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**Note:** Usually the rate in CGST and SGST is half of IGST. For example if most of your items are billed at 18%, then create IGST at 18%, CGST and SGST at 9% each.
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[Create in COA]
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### 4. Make Tax Templates
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You will have have to make two tax templates for both your sales and purchase, one for in state sales and other for out of state sales.
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In your **In State GST** template, select 2 accounts, SGST and CGST
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[In State]
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In your **Out of State GST** template, select IGST
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[Out of State]
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### 5. Making GST Ready Invoices
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If you have setup the GSTIN of your Customers and Suppliers, and your tax template, you are ready to go for making GST Ready Invoices!
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For **Sales Invoice**,
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1. Select the correct Customer and Item and the address where the transaction will happen.
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2. Check if the GSTIN of your Company and Supplier have been correctly set.
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3. Check if the HSN Number has been set in the Item
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4. Select the the **In State GST** or **Out of State GST** template that you have created based on the type of transaction
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5. Save and Submit the Invoice
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[Show Invoice]
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### Reports
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ERPNext comes with most of your reports you need to prepare your GST Returns. Go to Accounts > GST India head for the list.
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You can check the impact of your invoice in the **GST Sales Register** and **GST Itemised Sales Register**
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[GST Sales Register]
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[GST Itemised Sales Registe]
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