but the foreign currencies are not defined in the perspective of bank accounts. a foreign supplier could issue invoices to the business in any currency and we would still be paying them in the base currency. the same applies to customers.
I know⌠but banks are good indicator what foreign currencies are actually commonly used in the country. Pretty sure itâs much easier to open bank account in India that will hold Bangladeshi Taka than Argentine peso.
That doesnât mean Indian business canât have a supplier invoicing them in Argentine peso but it will be rare. In those rare cases, itâs better for business to simply add rare foreign currency manually than having every option under the sun mixed up with actually popular ones for everyone.
okay. so I guess only the following foreign currencies would be needed to create for India.
- NPR
- BTN
- USD
- GBP
- Euro
- Yen
Maybe
AUD
AED
SGD
ALSO
I do not know and I did not find any banks that offer account opening in these currencies in India. can you please provide a link to check this?
Hello @lubos and @sharpdrivetek
Cess Under GST Is going to end in July 2022. and i have seen cess in INDIA localization.
I think it should not to be included now as there is only Few months left For cess.
blank data would be misinterpreted as zero.
I personally find those sections of the report too complex to be handled by the program with the use of tax codes alone unless Manager is specifically designed for Indian users. by complex I mean to include the usability of the program by end-users.
the current ITC(N)-Input tax codes consolidates the ineligible input credits (D2). what I could do is seperate these tax codes and further divide it to tax codes wrt rule 42, 43 and 17(5). so the present 50 ITC(N)-Input tax codes and a further 50*3 tax codes, a whopping 200 tax codes in total for ineligible input credits alone.
@lubos it is a long read but if you find the time kindly suggest another method I could adopt to implement the same.
In INDIA there is an alternative Scheme of GST other than normal rates-
called as Composition Scheme (business Whose Turnover Does not exceed Rs15 Million Are eligible For Composition Scheme)
Under Which
Input of GST Paid is Not Available And Output Tax is Paid on Gross Sales made At fixed Percentage. letâs Take a Example For a Composition Dealer:-
Dealer Purchased Item SD @Rs100 And paid Input IGST@18% I.e.,Rs18 and
in Composition Scheme That Rs18 Will Became Part of Its COGS.
Suppose Dealer sold That Item For Rs130 And Compo Tax Is payble @2.0%.
So, Dealer Pay GST Rs2.6 ( 2% of 130) as output tax And His profit is:-
Sale = 130
Less-COGS= (118)
Less-Output Tax= (002.6)
Profit from Sale = 009.4
&
For Composition Dealer Return is to be Filled In GSTR-4
So @sharpdrivetek & @lubos Please Try to implement this As Many Businees Opted For this scheme In INDIA.
@lubos I had suggested the below to reduce the complexity of the program for end-users. maybe you can consider this.
the above can be created in the present reporting categories
for example, in our case we would require only one set of input/output tax codes for each category, if:
-
we could select more than one Tax Amount category for
Tax Codesthat appear in the form similar as
-
possibility to set control accounts for Tax Amount under
Reporting Categorieswhich would prefill the same when selected inTax Codes. field disabled in case of multiple Tax Amount selection. -
these same Tax Amount categories appear for selection in a similar fashion in
Inventory ItemsandNon-inventory Itemsin addition to the existing Tax Code selection.
this would reduce the complexity of everyday use of the program because the inventory and non-inventory items need to be set only once. since all the govt rules are based on goods and services, every user will know which goods/services belong to which category for their business.
@moin7159 please do not change or edit anything in localization file without discussing in this topic. you are free to create new entries but do not edit or change existing data created by other users without discussing. this will lead to confusion and errors. I have undoed the recent changes made by you to report transformations.
@sharpdrivetek they only created new report. Thatâs fine if they are creating a test case for something. No need to discuss it as it doesnât affect anything.
@lubos the History tab reported an edit to the GSTR-3B report transformation which I reverted. I only asked the user to discuss here before editing something. they are free to create new records to test which is the reason why I left the new report created by the user untouched.
@lubos are you working something on the Tax Codes form?
because in the last two days I do not see most fields when trying to create new tax codes.
HELLO @sharpdrivetek
is this possible To add Other GST Returns in INDIA Localization ?
yes. but not at present. it would be better to work on one report first to understand the direction for development and fix any shortcomings before working on other reports.
for example, the column limit for report transformations at present is 6 which will not be suffiecient for GSTR-1 report.
OK
So Can I Help In Preparing GSTR-3b ?
For GSTR-1 We Need Atleast 12 Columes
sure. all users are welcome to contribute. just make sure to discuss before making any changes so that every user is working in the same direction. you could also create a separate gstr-3b report and work on it.
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@sharpdrivetek Why Data is Unavailable Under Sec 17(5).
We can Create New Tax Codes For Ineligiable ITC and Use Them In GSTR-3B