Odoo GST – Returns and Invoices

INTRODUCTION

Odoo GST – Returns and Invoices: An application that helps to file the monthly return that summarizes all outward supplies by registered taxpayers. This application helps to generate CSV for all types of customers(B2B, B2BUR, B2CS, B2CL, Export, Import).

Time and again, we have emphasized and underlined that using the right kind of technology for tax-related processes is going to become extremely important. This time we have come up with a module that helps to file the monthly return that summarises all outward supplies (sales) by registered taxpayers.

A BRIEF INTRODUCTION TO GST

What is GST Return?

A return is a document containing details of income that a taxpayer is required to file with the tax administrative authorities. This is used by tax authorities to calculate tax liability.

Under GST, a registered dealer has to file GST returns that include:

Purchases
Sales
Output GST (On sales)
Input tax credit (GST paid on purchases)

GSTR-1: Details of outward supplies of taxable goods and/or services affected.

GSTR-2: is a monthly return that summarizes the details of inward purchases of taxable goods and/or services.

GST INVOICES

Invoices are of various types depending on various parameters like the customer’s delivery address, order amount, etc.

With the help of this module, Invoices are created as per these standard order types – B2B, B2CS, B2CL, and Export.

B2B: It means Business to Business Invoice. These registered parties may be within a state or outside the state
B2CS: It means Business to Small Customer Invoice. It means Local (within the state) sales to Unregistered persons of an amount less than 250000
B2CL: It means Business to Large Customer Invoice. It means Interstate sales to Unregistered persons or amount more than 250000
Export: It means sales outside the country.

A reverse charge is a mechanism where the recipient of the goods and/or services is liable to pay GST instead of the supplier.

FEATURES

A user-friendly application that helps to file a tax return of GST invoices in easy steps.
This application provides a list of tax rates for all goods and services.
Easy to manage taxes for interstate as well as export-type customers via fiscal position.
Manage GST accounting and GST Records for transactions.
Manage GSTR1 and GSTR2 invoices.
One of the most brilliant features of the module is that you can view detailed information about taxes.
An intelligent module that automatically identifies invoice type(B2B, B2BUR, B2CS, B2CL, Export, Import) from customer invoices.

Other Features

You can generate quarterly as well as monthly periods.
The module downloads CSV of all types of GST invoices(B2B, B2BUR, B2CS, B2CL, Export, Import) in a single place.
You can also download a CSV of the HSN summary along with other invoices.
JSON data of all GST invoices and HSN summary is also available which helps to file a tax return.
All Unit Quantity Codes(UQC) are also available which helps to make your HSN summary perfect.
All Port Code data with location description, state, and country are also available which helps to make your IMPG(Import of goods) summary perfect.

INSTALLATION

Once you purchase the App from the Webkul store, you will receive the link to download the zip file of the module.
Extract the file from your system after the download finishes. You will be able to see a folder named- ‘gst_invoice’.
Copy and paste this folder inside your Odoo Add-Ons path.
Now, open the Odoo App and click on the Settings menu. Here, click on Activate the Developer Mode.
Then, open on Apps menu and click on ‘Update Modules List’.
In the search bar, remove all the filters and search ‘gst_invoice’.
You will be also able to see the module in the search result. Click on ‘Install’ to install it.

WORKFLOW

Here is the dashboard from which an admin can get a quick view of all the GST returns and their status.

Under configuration admin can create a unit quantity code also he can import the same.

Admin can also create or import Unit of measure mapping from this module.

Now before the return is filed you need to create the fiscal year.
A fiscal year (FY) is a period that a company or government uses for accounting purposes and preparing financial statements.

Now if you create a new fiscal year you need to define the year, code its starting and end date. After that, you need to define periods within this financial year it could be monthly or 3 month periods.

You can check here for example I have created 3-month periods.

Filing GSTR1

Now comes the GST Tool GSTR1. This is an important part of this module from the menu GSTR1. Define the period to file a GST return and set the time period to fetch the invoices.
Admin will also determine the Gross turnover and current turnover and also allow reverse charge in case there is a requirement of the scenario.
Now next step is to click on Fetch Invoices to fetch invoices for the defined period.

Therefore, as you will click on the fetch invoice button, it will fetch and display all the invoices for that period.

After that, click on the ‘Generate CSV Button‘ to get a pop-up message. It gives you a confirmation that your GST & CSV are successfully generated.

Therefore, download all the B2B CSV, B2CS CSV, B2CL CSV, EXPORT CSV, HSN CSV & JSON files.
You can reset or upload them. Once you trigger any action status will be changed accordingly.