NetSuite for GST

 NetSuite for GST

The Goods & Service Tax (GST) has been hailed as one of India’s biggest tax reforms and it aims to be a harmonized tax on goods and services
across all Indian states. It will bring about a paradigm shift in how indirect taxes are managed in India. The GST is expected to push India’s
GDP to over 8%, besides making the movement of goods easier across states. As taxes are varied across the states, often commercial vehicles have
to go through multiple checkpoints to obtain the relevant permits and pay several taxes to the states as they pass through to reach their destination
causing significant delays. A uniform tax is expected to make the movement of commercial goods & products smoother and reduction in paperwork to a
large extent.

GST is a component of the fiscal structure meant to replace many of the multilayered indirect tax regimes currently prevailing in India. GST is
tax on the supply of goods and services, right from the manufacturer/service provider to the consumer.

  • Destination based consumption Tax
  • Value Added Tax: Credits of input taxes paid at each stage will be available in the subsequent stage of value addition.
  • Seamless credit across entire supply chain will reduce cascading effect of taxes on the cost of goods and services.
  • Dual tax mechanism- Centre will enact Central Goods and Service Tax CGST) & Integrated Interstate Goods and Service Tax (IGST) and States Goods and
    Service Tax (SGST) legislation. CGST & SGST both will be levied on intra-state supply of goods and services whilst IGST will be applicable on interstate
    supply of goods and services in India.

NetSuite is the world’s most deployed cloud Enterprise Resource Planning (ERP) solution, used by more than 40,000 organizations across 160+
countries. It offers a modern, scalable solution to run all of your key back office operations and financial business processes in the cloud. From
comprehensive financial management capabilities, including sophisticated revenue management and billing solutions, to inventory, supply chain and
warehouse management solutions, NetSuite empowers businesses of all sizes, across all industries, in every part of the world to unleash innovation
and growth

For companies using or planning to use NetSuite, Inspirria Indian Taxation solution is an easy integration for all Indian customers. It enables
you to automate your company’s Indian Taxation Statutory reporting including GST.

Inspirria’s Indian Taxation Bundle is GST compliant with automated CGST, SGST, IGST, TDS calculation and Statutory reporting.

  • Defines GST registration details at different entity levels.
  • Captures Tax details at customer and vendor level.
  • Tax code determination is based on multiple attributes
  • Define tax types.
  • Configure tax codes and groups.
  • Define auto numbering for sales in invoices.
  • Tax details and attributes capturing at transaction level.
  • GST tax posting input and output.
  • Input tax credit utilization against payable for GST taxes.
  • GST tax returns (GSTR 1,2,3 & 6 ).

For detailed information on our NetSuite GST solution please click on

Inspirria India Taxation is GST Compliant

Date: 
Tuesday, June 27, 2017

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