Deskera Solutions for GST Challenges
GST gets the credit to make business owners aware of the applicable tax rate they would be paying and to whom. While the comprehensive tax structure provided a wave of comfort, the complex filing and recording processes were seen as a bigger hurdle by small and medium business.
The solution to the complex GST related processes is a comprehensive software to help businesses automate the entire process – from registration to filing.
And that is what Deskera’s GST ready software is capable of. It helps businesses enjoy the benefit of GST rather than worrying about following GST compliant processes and filing three returns every month.
How was Deskera always ready?
Deskera with the immense experience it has in managing GST for multiple countries, is well-versed with the nitty-gritties of GST. The basic platform to support GST was with Deskera anyway since 2015, the year of GST launch in Malaysia. What we required was to make changes as per the Indian GST norms. Soon after the GST bill was passed in August 2016, Deskera’s GST experts’ team started analyzing the possible changes the business will encounter. With every GST council meeting, our understanding got refined.
Deskera GST experts worked with the best CAs across India to create a 3 step process to make businesses GST compliant –
- Defining of state-wise tax rate
- Updating tax rate for SGST, CGST, IGST and UGST
- Setting up the tax rate for the products based on goods category
Deskera solution’s ‘Multi-Entity’ feature allows management of multiple offices to take off a little burden away from businesses. What you need is only to create records of all faces and assign the head office to these. Rest, leave it to Deskera ERP! Once this one-time effort is taken care of Deskera’s GST ready ERP lets you view a common database for customer and vendor and lets you see a complied P&L sheet and other financial transactions of all locations – via one application. As per the GST rule, businesses cannot run multiple offices with one GST registration. Now the common concern businesses have, is to be able to still look at one balance sheet, access same customer and vendor database etc.
GST Rate Setup
Deskera’s GST Rate Setup feature allows you to define the different GST rates based on the product and services you offer and then calculates the tax for each sale and updates it to your invoice in real-time, thus reducing the chance of error. With the 4 structured GST rate (28% being the highest and 0% being the lowest), goods and services are categorized by the GST council in these structures. The GST rate further has to be split equally between the State and the Centre, due to GST’s dual components.
Invoices as per GST format
Deskera’s GST software enables capturing of all details of both the seller and the customer. When an invoice is generated, along with the basic details, HSN code, and the corresponding GST rates get filled automatically.
All businesses are expected to file GSTR1, GSTR2, and GSTR3 on a monthly basis. Filing of GSTR1, 2 and 3 with Deskera ERP is a one-click task. You can also set reminders to be notified a few days in advance when you are nearing the deadline of GSTR1, 2 and 3 filing. Once the details are submitted in Deskera ERP, we have enabled filing of the same to the GSTN.
Reports and Process Streamlining
Deskera helps you streamline your taxation and automate tax filing by defining rules as per GST. Even the invoice formatting and customization can be done as per GST defined formats. You can manage multi-entities and their GST filing all from a single application.
The benefits Deskera’s GST ready software provides is immense and the businesses also get access to one-click reports. These GST reports can be viewed along with the details such as Particulars, Transaction ID, Remark, Journal Entry, Document Date, Name, Exchange Rate, Amount in Transaction and much more.
With the immense benefits that GST gets for multiple industries, India is looking forward to a GST approved software. Deskera ERP is the one that has catered to the GST needs of businesses across the globe and is the first GST ready ERP software in India. As the GST technologies and rules mature, Deskera will continue to stand by you and provide software updates to make compliance faster and easier.