{"id":277253,"date":"2020-12-10T15:03:54","date_gmt":"2020-12-10T15:03:54","guid":{"rendered":"https:\/\/webkul.com\/blog\/?p=277253"},"modified":"2020-12-10T15:03:58","modified_gmt":"2020-12-10T15:03:58","slug":"indian-accounting-manage-indian-gst-in-odoo","status":"publish","type":"post","link":"https:\/\/webkul.com\/blog\/indian-accounting-manage-indian-gst-in-odoo\/","title":{"rendered":"Indian Accounting: Manage Indian GST in Odoo"},"content":{"rendered":"\n
\"Indian<\/figure>\n\n\n\n

Tax management refers to the management of finances, for the purpose of paying tax. Taxes are financial charges imposed by the government, to fund the public sector and meet other expenses. Countries and economic systems have their own independent tax systems.<\/p>\n\n\n\n

Giving light to Indian Accounting, GST is followed for indirect tax in India. The goods and services tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption. The GST is paid by consumers, but it is remitted to the government by the businesses selling the goods and services Indian Government launches GST(Goods and Service Tax) on 1st July 2017.<\/p>\n\n\n\n

What are Goods and Services?<\/h3>\n\n\n\n

In simple words, goods are the Things which we can see, touch and Services are what we can’t touch. A product is a tangible item that is put on the market for acquisition, attention, or consumption, while a service is an intangible item, which arises from the output of one or more individuals. One thing to keep in mind is that products and services are closely aligned.<\/p>\n\n\n\n

Two type of taxes<\/h3>\n\n\n\n

Direct Tax<\/h4>\n\n\n\n
\"Direct<\/figure>\n\n\n\n

Indirect Tax<\/h4>\n\n\n\n
\"Indirect<\/figure>\n\n\n\n

Who is eligible to register under GST? <\/h3>\n\n\n\n

All the businesses supplying goods whose turnover exceeds Rs 40 lakh in a financial year are required to register as a normal taxable person. However, the threshold limit is Rs 10 lakh if you have a business in north-eastern states, J&K, Himachal Pradesh and Uttarakhand.<\/p>\n\n\n\n

Types of GST<\/h3>\n\n\n\n
Taxes<\/td>Full form of the Taxes<\/td><\/tr>
CGST<\/td>Central Goods and Services Tax<\/td><\/tr>
SGST<\/td>State Goods and Services Tax<\/td><\/tr>
UTGST<\/td>Union Territory Goods and Services Tax<\/td><\/tr>
IGST<\/td>Integrated Goods and Services Tax. It is also known as Destination GST<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

How GST is Applied on Goods and Services?<\/h3>\n\n\n\n

Same State<\/h4>\n\n\n\n

CGST + SGST<\/p>\n\n\n\n

If GST is applied 18% on Goods\/Services then for same state it will be calculated like<\/p>\n\n\n\n

9%(CGST) + 9%(SGST)<\/p>\n\n\n\n

Union Territory<\/h4>\n\n\n\n

CGST + UTGST<\/p>\n\n\n\n

If GST is applied 18% on Goods\/Services then for union territory it will be calculated like<\/p>\n\n\n\n

9%(CGST) + 9%(UTGST)<\/p>\n\n\n\n

Inter State<\/h4>\n\n\n\n

If GST is applied 18% on Goods\/Services then IGST will be whole 18%<\/p>\n\n\n\n

Input\/Output GST<\/p>\n\n\n\n

GSTR<\/h3>\n\n\n\n

GSTR is goods and services tax return; the type of GSTR are GSTR1, GSTR2, GSTR3, GSTR3B, and GSTR9.<\/p>\n\n\n\n

What is GSTIN<\/h3>\n\n\n\n

It is Goods & Service Identification Number<\/p>\n\n\n\n

Format of GSTIN<\/h3>\n\n\n\n

GSTIN contains 15 Digits; here is a format break-down of the GSTIN:<\/p>\n\n\n\n