SAP GST

Goods and service tax is a new regime taxation system for the whole nation bringing in unorganized sections under uniform platform. This system makes tariff to be unique across all functional areas by streamlining different types of indirect charges leveraged on state and central excise duty into single concept subsuming other multiple taxes.  Enterprise application software provider SAP launched GST compliance platform to help SME’s boost their shift towards digital economy. Introduction of SAP GST performs transactions in standardized approach yet resulting in delivering some important changes for growth of SME’s. SAP GST is continuously working on enhancing SAP Business One by complying legal regulations of GST solution. So far, SAP GST has been supporting two methods for computation of indirect taxes viz. TAXINJ and TAXINN. TAXINJ is the old procedure which uses India localization program routines for computation of taxes, especially excise duty. TAXINN is the newer procedure which eliminates the need for these ABAP routines and allows for tax computation using master data records in the form of condition records. SAP had introduced the new procedure during the LST to VAT cutover in 2004-05 and has been advocating switching over to the new procedure since. However, there are several customers who are still using the old procedure.

BENEFITS OF SAP GST                                                                     

• Common market across country- One Nation, One Tax and One Market
• Optimization of resources
• Improved tax compliance
• Upgraded financials
• Better control on tax revenue
• Reduction in startup cost and efforts
• Removes cascading of taxes

GST Structure

Specific tax types are available for handling GST. Setting up of these categories greatly helps to have successful administration in order to mitigate risk involved in reconciliations.

Central GST (CGST) – Goods and Service taxes revenue are collected by central government.

State GST (SGST) –The taxes shall be tarriffed by state government in the sales being made.

Integrated GST (IGST) – Movement of goods between states are managed and revenue flow is set to central government.

Things To Be Known Before Implementing GST

Most important change before implementing common taxing rule is the migration from existing TAXINJ to TAXINN system.

Businesses needed to deploy,

• Relevant upgraded version of SAP Business One software
• Enhancement packages
• Service packages

Tax Configuration And Computation  

• Configuration of tax procedures are computed and quoted clearly.
• Inter and intra state import transactions are configured for account determination.
• Deductable and non deductable types of GST calculation are defined clearly for sales and distribution pricing procedures.

Document Numbering

• Sequential numbering are defined for invoice processing
• Legal registration are defined in accordance with government criteria
• These numbers are assigned consecutively for every page of documents

Utilization

• Utilization of input tax credits are followed as below,
• Input CGST are utilized in accordance with output CGST and IGST
• Input SGST are audited contrary to that of resulting SGST and IGST
• Input IGST are exercised against output obtained on IGST, CGST, SGST

Reporting

• Based on data submitted by tax payers reports are consolidated by GSTN systems.
• Determination of capital purchases and sales across different channels transfer details.
• Sales quotations, ordering, A/R invoicing are analysed to exempt tax code

Business Process Localization

• Sales Processes
• Procurement operations
• Transfer of stock orders
• Subcontracting functionalities
• Production and many other entities are included.

GST- The Game Changer

Goods and service taxes through SAP designed especially for SMEs resolves their existing drawbacks on paying out several multiple indirect taxes for successful running of business. It is a right tool that provides data protection and security as per GSTN guidelines meeting global standardizations.

REACH GST SOFTWARE

One of the Best Reach GST Accounting Software based to Small and Medium Businesses. The GST Softwares are makes taxation much be easier and to supported business owners any types of business such as Sales Services, Manufactures, Trade, etc. in the Reach Accounting Software with auto GST calculation.

Key Features of Reach GST

• Creating Bills and Invoices compliant with GST
• Preparing GST Returns
• Making GST Payments
• Reconciling GST Supplies
• Extracting General Audit Files Compliant with GST
• GST Accounting
• Inventory Management
• Branch Management
• Purchase Management
• Point of Sales
• Job work management
• Manufacturing Management
• Project Management
• Barcoding

TOP PRODUCT FEATURES

Accounting Management

All functions relating to accounts are inbuilt with the software. You can manage your Accounting Ledgers, Bank & Cash Operations, Purchase & Sales Estimates, Warehouse Allocations, Expense Recording, Expense Grouping, Payments – Part or Full, Journal Entries, Receipts – Part or Full, Contra Entries, Financial Reports, Day book and much more.

Tax Management

Our accounting Software automatically calculates the taxes relevant for every bill created. Our Software is tailor made as per the government norms for calculation of GST. It also comes with the option to add any number of taxes relevant to your business. In case of change in tax percentages you can change it in the software on your own. All you have to do is add your tax percentage and our software will calculate the taxes automatically. This multiple tax scheme can also be applied to multiple products on a single purchase.

Income Management

You can create Quotations then the same can be converted as a Sales order or Pro-forma invoice or Invoice. From Invoice you can create Receipts as well. Accountants will be able to know what payments have been received and what are pending in the reports. You can also set reminders for receiving payments

Expense Management

You can create Purchase Orders then the same can be converted as bill or payments. You can also create Debit notes for purchase returns. Accountants will be able to know which purchase bills have been paid and which are pending in the reports. You can also set reminders for making payments.

PRODUCTS

• Accounting software
• POS Software
• ERP Software
• GST Software

Who all can use Reach GST Accounting Software?

• Sales & Service of Gadgets
• Service providers
• Trade & Distribution
• Jewellery
• Workshops
• Spare part dealers
• e-commerce companies
• Manufacturers
• Textiles
• Transporters
• Packers and Movers
• Furniture Stores
• Diamond Merchants
• Job Works

Other Advantages

• Fully Cloud based so saves expensive Investment in servers
• Hard disk crashes doesnt affect data
• No Anti-virus software needed
• Tailormade for every business with specific features
• Has all the features of Tally and Marg together
• High control over data
• Ideal for multi-branch
• Free Version Upgrades
• Customisable for Nominal Fee
• Low price

Connects all your Business Functions

First of all, lets see what is more special about Cloud Accounting software. Cloud Accounting software centralizes your whole organization, provides easy accounting solutions with advanced business tools to work easily. But the Accounting software with all the advanced features may cost higher. Hence Small & Medium sized enterprises cannot afford it.

But amazingly Reach GST software- the Indias leading online Accounting software is available in SMEs affordable cost with equipped team and partners in all major cities of India like Mumbai, Chennai, Coimbatore, Bangalore and also in Malaysia, have satisfied 1000+ users all over India & Malaysia.

To file your GST you need to maintain the records for almost six years from the date you make your claim and you also have to submit your payments for GST returns within the 15th  day of the month following the end of the taxable period. Reach GST software has been designed with robust technology to ensure your all data all safe and secure. Hence Reach Accounting software with GST exactly fits your requirements by which you can do your Tax invoice in a single click. To know more about the best features about Reach Accounting software with GST click here.

Why is Reach accounting software the best GST accounting software?

Reach accounting is a GST ready software that is entirely cloud based. It customizes with your business easily and is simple to use and hence takes a very short period of implementation. Reach comes with numerous features that helps you manage your business in the simplest way you want to. It accelerates  your workflow and also reduces your costs and tracks expense, sales, purchases, inventory, employees, etc.

Features of Reach GST accounting software are:

• Order management
• Manufacturing management
• Warehouse
• POS
• Lots and barcode management
• Project
• Accounting
• Invoicing
• Multi branch
• Purchases
• Sales
• Access
• Multi company
• Auditor view
• Mobile application
• Business automation
• Operations and process
• Loyalty management
• Addons
• Tally import

Reach creates invoices easily allowing you to choose from over 20 templates so you can customize it and provide a more professional look for your business.

The safety that Reach provides to a business is next to excellent as it provides bank level security with 256 bit encryption. It also shoots an OTP every time an employee logs in from outside the office. Reach comes with accessibility restriction menu so you can restrict areas in the sofwtare that you want to keep private from your employees. You can also enjoy its free anti-virus that keep your system from any virus attacks and your data gets backed up every 3 hours.

Reach also improves your business image with its performance that wins the hearts of the customers. You can keep a track of your customers purchase and give them points for purchase that they can use in their next purchase which will get your more loyal customers. Reach accounting come with a billing software so your customers and employees can enjoy faster billing and save themselves from all the frustration in case of retail business.

WHY REACH OVER OTHER SOFTWARE

1. Free cloud server advantage
2. All documents in one place
3. Even if you have multiple businesses, All accounts are docked in a single account
4. Easily import from Tally and Excel
5. No worrying of unauthorized data intrusions
6. Localised personally for all your business
7. Personalised billing system
8. Manage your customer
9. Supplier Management
10. Product Management
11. Unlike traditional software, our products are hosted on the cloud and allows all your employees to work at the same time
12. Custom made to suit your business
13. Captures your leads from Emails and websites directly
14. Tracks your orders
15. Raises invoices
16. Converts Invoices raised in Foreign Currency to Indian Rupees
17. Imports from Excel and Tally
18. Gives Multi-User access
    Allows to view reports on Mobile Phone
19. Manages your inventory
20. Shows your branchwise/sitewise profitability
21. Securely backs up your data online
22. Free cloud server
23. All business data in one place

CONCLUSION

Reach is not simply a GST accounting software; it is smart software that will improve your business by tracking your profit meter, reducing your expenses and allowing to take better decisions with its suggestions. Reach provides real time updates that keep you and your employees on the same page of any business decision or planning so you can help them in managing it better and made right decisions for them there and then without waiting for things to get delayed.

For 15 days free trial click on>> Demo

Karishma Abbas

Hi, this is Karishma here, a commerce graduate with more than 10 years of work experience, the latest being a Global Financial Analyst with a Software company. My experience as an Analyst has driven me to write blogs for Reach