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Localisation (India)

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Gain transparency and improve your financial ability to
manage statutory requirements

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GST Ready

Operate and review tax document on transactions

Tax Engine

Different tax components have different perspectives

Statutory Reports

Generate electronic as well as static reports

Goods and Services Tax (GST) Basics

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      •   Goods and Service Tax (GST) is a comprehensive tax imposed on the manufacture, sale and consumption of goods and service nationwide.
      •   It will replace the indirect tax levied on supply of goods or services or both levied by the Central and State Governments in India.
      •   It is a destination/consumption based tax levy which is payable in the state in which the goods and services are consumed.
      •   It is levied and collected on value addition at each stage of production or distribution process (all points in supply chain).
      •   The supplier can claim credit on input tax credit paid on procurement of goods or services.

Goods and Services Tax (GST) Basics

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      •   Goods and Service Tax (GST) is a comprehensive tax imposed on the manufacture, sale and consumption of goods and service nationwide.
      •   It will replace the indirect tax levied on supply of goods or services or both levied by the Central and State Governments in India.
      •   It is a destination/consumption based tax levy which is payable in the state in which the goods and services are consumed.
      •   It is levied and collected on value addition at each stage of production or distribution process (all points in supply chain).
      •   The supplier can claim credit on input tax credit paid on procurement of goods or services.

Benefits of OptiProERP with GST

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      •   Maintains all Master files for Tax Authorities, Tax Rates (including Register Types), VAT Tax Master (associating Tax Authority with Tax Rate), Units (holding UQC Codes), Company information (holding Tax ID Number), Ship Via (with specific transportation modes).
      •   Inventory holds GST rates down to Item Sub-type level: HSN/SAC, InterState & IntraState; Locations hold GSTIN Registration numbers and GST Type as well as State identifiers.
      •   Vendor Masters hold GSTIN numbers, Purchase types, Reverse Charge permissions & Distance; Branch records maintain State, GSTIN & Eligibility of ITC as information; Purchase Series Master has Eligibility of ITC as inputs / capital, as well as Job In & Job Out.
      •   Customer records hold GSTIN/UINs, plus Sales Type, Reverse Charge & Distance. Ship-To records have GSTIN/UIN as well.
      •   Credit Tax Accounts hold GL accounts for all Tax Types, plus Offset Accounts and Job In/Out transaction types. Debit Tax Accounts maintain GL accounts for all Tax Types for Debits, Payments and Advances.
      •   Maintains the Gate Out Register for IntraState, InterState & Export movements, plus Gate In register for purchase receipts.
      •   Aggregates all Tax Transactions to maintain Available Balances, while maintaining Advance Entry, Manual Credits/Debits, Reverse Charge and Capital Goods balances.
      •   Utility to upload e-Way Master Data & e-Way Bills.
      •   Provides all required tax reports: GSTR1, 2, 3, 3B & 9; GST Invoice, Voucher, Export, Credit Memo, Debit Memo; Reverse Charge Invoice and Reverse Charge Payment Voucher.

Information on GST laws is available for public consumption and further information on GST is available through the Goods and Services Tax Network (GSTN).

Other Statutory Taxes

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These key Tax features in OptiProERP are specific to the country version for India, and essential to achieve compliance.

Depreciation on Fixed Assets

The depreciation on fixed assets feature addresses requirements for calculating the depreciation on fixed assets based on the Income Tax Act.

Value Added Tax (VAT)

The VAT feature enables you to determine the difference between the sum of VAT payable and CST payable and the VAT recoverable for payment to the VAT authorities.

Tax Collection at Source (TCS)

The tax collection at source (TCS) feature enables the seller to collect tax from the buyer at the time of selling goods and services in certain categories.

Sales Tax

The sales tax feature enables you to set up state-wide sales tax and pay sales tax to the government. This feature also lets you calculate sales tax for purchase and sales transactions.

Service Tax

The service tax feature enables you to define the general ledger integration for the service tax. You can maintain the service tax registration number as the master for the company, multiple locations, vendors, and customers.

Tax Deduction at Source (TDS)

TDS is the income tax deducted at source. It refers to any form of withholding tax. The tax deduction at source (TDS) feature can be made use of in invoices, down payments, credit memo. This feature also enables you to generate an e-TDS file for e-TDS return.

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Take a deeper dive and see how OptiProERP’s robust GST computation functionality help organizations address the
localisation challenges.

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