The Goods & Service Tax (GST) is the biggest tax reform which aims to harmonize tax on good & services across every state in India. The GST is expected to increase India’s GDP by almost 8%.
GST is a crucial ingredient in the fiscal structure of India, aiming to eliminate multilayered indirect tax regimes which used to prevail in India. A uniform taxation system will ease up the movement of commercial goods & material as the tax will be directly come right from the manufacturer/service provider.
- Destination compliant consumption Tax
- Value Added Tax: Credits of input taxes paid at each step will be visible in the step of value addition.
- Flawless credit all over the supply chain process reduces cascading taxes on the cost of goods & services.
- Dual tax mechanisms: Center will enact Central Goods & Service Tax (CGST) & Integrated Interstate Good & Service Tax (IGST), States Goods & Service tax (SGST) legislation. CGST & SGST both will be impose on intra-state supply of goods & services WHEREAS IGST will be applicable in every state.
NetSuite is currently being used by more than 19,000 customer across 200 different countries.
For companies using or planning to implement NetSuite, ERP Buddies Inc. can make your ERP system compliant with all regulations.
ERP Buddies Inc’s GST compliance can come with CGST, SGST, IGST, TDS calculations & Statutory reporting.
- Define GST registration information at varied entity levels.
- Catch tax details at vendor & customer specific level
- Multiple attribute based tax code determination
- Identify all types of tax types
- Configure tax codes & groups
- Define auto numbering for invoices & sales
- GST posting tax input & output
- Returns of GST tax