Government is planning to introduce a new Tax called ‘Goods & Service Tax (GST)’ from 01-Jul-2017. Goods and Service Tax (GST) is an indirect tax levied on supply of goods or services or both. See GST White Paper December 2018 for details.
GST overview
· Proposed GST
o Goods and Service Tax (GST) is an indirect tax levied on supply of goods or services or both.
o It is a destination/consumption based tax levy which is payable in the state in which the goods and services are consumed.
o It is levied and collected on value addition at each stage of production or distribution process (all points in supply chain).
o The supplier can avail credit on input tax credit paid on procurement of goods or services.
· Components of GST
Component |
Levied by |
Applicable on |
Central GST (CGST) |
Centre |
Intra-state supply of goods or services in India. |
State GST (SGST) |
States |
Intra-state supply of goods or services in India |
Integrated GST (IGST) |
Centre |
Inter-state supply of goods or services, Exports and Imports. |
· Goods outside Gamut of GST:
o Petroleum products and Alcohol for human consumption are proposed to be kept out of purview of GST. Petroleum products will be brought into GST network at a later stage.
o Central Excise duty will continue on petroleum products. States will continue to impose sales tax on sale within the state on petroleum products and alcohol for human consumption.
o Tobacco products will be subject to Excise duty along with GST.
Features included in this Release
The following features are included in this release:
· GST Rate change: The provision for handling rate change is provided in system, if user create an invoice after rate change, but wish to create with previous rate without changing posting date, this feature will help user to create such invoices.
· Item tracking in GST Adjustment Journals: The GST Adjustment Journal is enhanced with item tracking feature, provision of selecting Item tracking in GST Adjustment Journals is provided, and user can select Lot No. or Serial No. while executing GST Adjustment Journal.
· GST TDS (released as out of band earlier, included in this CU)
· GST TCS (released as out of band earlier, included in this CU)
· ARN number in Location (released as out of band earlier, included in this CU)
· Provision to upload GST Opening balances (released as out of band earlier, included in this CU)