On Tuesday 06 February 2018 05:37 PM, Deva - wrote:
I can concur with Amish’s setup for GST India, but with a few minor
observations.
I have a similar setup, though not as elaborate as Amish’s. This is largely due
to the fact that I don’t claim GST input tax credit for purchases (my tax
credits are negligible compared to what I pay as GST). Also, I have to deal
with only 1 tax rate of 18%, but that does involve setting up of 3 tax tables
like Amish pointed out - CGST @ 9%, SGST @ 9% and IGST @ 18%.
Thanks and yes - you are lucky to have just one tax rate!! :)
My few observations -
a. Not sure if you need 2 A/R accounts. Since these accounts are not directly
used in reports, just having one should do (sub-accounts for GST and NonGST can
be merged into the parent).
These are required for verifying total in GSTR 1 return. Also GSTR 1
asks for total AR (sale) plus AR of (sale to) Interstate Non-GST
dealers. Hence atleast in my case they are required.
b. You may find it more helpful by actually putting the tax rate in the tax account name
itself. For instance, "Liabilities:Sales:GST:IGST @ 18%” as the account name,
instead of "Liabilities:Sales:GST:IGST”. While this will not make a difference if
you are using Tax Invoice report, it will show up nicely in case of a Printable Report or
Fancy Invoice report because the tax line will read IGST @ 18% (instead of just IGST).
I generate printable invoice in Libreoffice Calc (Linux's Excel). But
yes your idea is nice.
c. I haven’t segregated the NonGST vs. GST (registered vs. unregistered
dealers), though I can see the benefit given GST reporting requirements.
However, I think with the new transaction report that was posted on this list
sometime back (by Doug, I think), one can easily generate summaries based on
descriptions in the transaction registers. So if you are diligent about tagging
your transactions with proper notes/memos, etc. then you can always generate
summaries based on those with the new transaction report to meet the GST
reporting requirements.
Adding notes / memos require additional care. One spelling mistake and
your transaction will not show up in report.
I think if you are dealing with large volumes of GST related transactions,
Amish’s setup is the way to go, though it may seem a bit tedious to set it up
in the beginning. My GST invoices are to the tune of about 100 invoices a year,
so I have cut down on my account hierarchy to keep it simple.
Yes my setup can be scaled down but depends on the individual's choice
and requirement.
And yes, it can certainly go on the wiki for those looking for help. I wish I
had something like that to guide me when I was doing the same, but with trial
and error, I got to what I wanted.
I am sure all of us continue to remain indebted to GnuCash to help keep our
financial matters in order despite the chaotic rollout of GST that India
witnessed not so long ago.
Indeed chaotic! And yes Gnucash saved me from purchasing expensive software.
Cheers,
Deva
Amish
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