As your business grows and expands into India, the India CSF helps to keep your Epicor Financials system compliant from day one to save time and expense. The CSF package contains the most used financial and operational functionalities in the country including:
India adopted a dual GST model. The GST is levied by the Federal Government and the State Governments. On the intra-state sales transactions, the Central GST (CGST) is levied by the Federal Government, and the State GST (SGST) is levied by the State Governments. On the inter-state and import transactions, the Integrated GST (IGST) is levied by the Federal Government.
The robust tax engine in Epicor Financials allows anyone to add any number of tax types like GST, TDS, TCS, customs tax, and more. It also supports creating custom tax algorithms that allows users to create their own algorithm for tax calculation. The India CSF package supports the GST taxation and enables:
The e-way bill is an electronic document that needs to be generated and issued by the seller, when moving goods between locations in India. All vehicles carrying goods should have an e-way bill besides the invoice.
Once the shipment is finished, you can add essential details such as the mode of transport, vehicle number, or the shipping port in the e-way bill screen. This information will then be transmitted to the e-way bill system to retrieve the e-way bill number, e-way bill date, and other relevant details. All of this occurs with just a single click of a button.
The Tax Deducted at Source (TDS) in India is generally applicable on various incomes such as salaries, work contracts, interest, rent, or commission received, dividends. The government uses the TDS as a tool to collect taxes in order to minimize tax evasion by taxing the income when and where it is generated. The TDS is deducted by the payer of the income.
The India CSF package supports the TDS process by providing:
Epicor Financials supports e-invoicing by producing the necessary JSON files in compliance with legal requirements. These files can be submitted to the government e-Invoice system to generate a valid e- invoice. The integration between Epicor Financials and the IRIS software streamlines the entire process by a high-level automation. With a simple click of a button, the mandatory files are generated within Epicor Financials and transmitted to the government e-invoice system through the IRIS software. After a successful validation, the system returns the invoice reference number, the QR code, the acknowledgement number, and the date.
The IRIS software uses the acknowledged e-invoices to construct the GSTR1 report.
In essence, Epicor Financials serves as the primary source of information, while the integration with the IRIS software enables the communication with the government portal to generate the GSTR1 and GSTR2 reports for the reconciliation of AP invoices. The India CSF also enables a complaint sales invoice format with the QR code and the related IRN details.
In addition, the IRIS integration also supports the GSTR2A reconciliation, and periodic returns like the GSTR1 or the GSTR9 reports.
The IRIS integration is available from the 2023.1 release.
The Tax Collection at Source (TCS) on sale of goods is regulated in the Sec. 206(1H) under the law of Income Tax, 1961, the latest amendment entered into force on 1st October 2020:
(1H). Every person, being a seller, who receives any amount as consideration for sale of any goods of the value or aggregate of such value exceeding Fifty lakh rupees in any previous year, other than the goods being exported out of India or goods covered in sub-section (1) or sub-section (1F) or sub-section (1G) shall, at the time of receipt of such amount, collect from the buyer, a sum equal to 0.1 percent of the sale consideration exceeding fifty lakh rupees as income tax. The tax engine in Epicor Financials supports the above mentioned requirement.
The India CSF package can produce invoices and reports in the required formats. The reports can be customized according to specific requirements.
A local version of the below reports is available as part of the India CSF package: