GST Settings
GST Settings
General Settings 1. Check Out The Tax Breakup Table Using Your HSN Code: It is typically possible to itemize the Tax Breakup Table in a Sales Invoice or Purchase Invoice. The tax breakup table must be HSN Wise if this is enabled.
Enable Reverse Charge in Sales Transactions: If you sell products or services that are subject to reverse charge, turn this setting on.
Enable SEZ / Overseas Transactions: If you conduct import or export business with SEZ / Overseas Entities, enable this option. Certain fields or validations have been streamlined in case they don't apply to you.
Round Off GST Values: When this option is enabled, all of the invoices' individual GST components will be rounded.
In accordance with Central Tax Notification No. 78/2020, HSN/SAC codes must be specified in sales invoices with a minimum of 4 or 6 digits (based on turnover). Even HSN/SAC has been made a requirement for selling goods.
Minimum HSN/SAC Code Digits: Depending on your turnover, you can select the minimum HSN/SAC code digit validation here.
The sections for e-Waybill and e-Invoice specifically cover other GST Options.
Accounts
A crucial component of GST Settings is GST Accounts. These parameters serve as the foundation for many calculations and validations.
For each organization, there should be three rows in the GST Accounts, one for the Input, Output, and Reverse Charge Accounts.
Indicate specific CGST, SGST, IGST, and Cess accounts that you have created and that apply to you.
Based on these choices, the correct use of accounts and taxes is validated. On the basis of these choices, significant calculations such as taxable value and ITC Availability are also made.
It is significant to remember that while they are permitted for simplicity, several GST accounts are not advised. For your company's multi-GSTIN arrangement or numerous tax rates, you can only have one GST account open. Due to the transactions' simplicity, further analysis and breakdown can be easily determined without the need to keep several accounts.