In addition, the introduction of Goods and Services tax has subsumed many other indirect taxes like excise duty, countervailing duty, and service tax, and state levies like Value Added Tax, Octroi, Entry Tax, Luxury Tax, etc.
Needless to say, GST is introduced in the economic and business landscape to integrate the entire nation into a uniform tax rate. This setup of GST has multiplied economic growth, however, businesses are still struggling to meet regulatory compliance because of its complex nature.
Considering the challenges in tax management, Microsoft Dynamics 365 Business Central brings the GST feature in Indian localization. For the most part, this India Localization features in Microsoft Dynamics 365 Business Central cover GST, TDS, TCS, and Voucher Interface. Chiefly, GST setup in Microsoft D365 Business Central renders support to thriving business companies that meet local financial and legal requirements, and manage taxation with extensive automation.
Setting Up Goods and Service Tax
Markedly, GST comes with two types of setups— Automatic and Manual.
Automatic Setups are pre-configured with the help of Tax Engine, which cover
Tax Types
Component
Rate Setup
Attributes
Here, setting up Goods and Service Tax in Microsoft Dynamics 365 Business Central assists business associations or companies in calculating and recording GST amounts on inward and outward supplies. For the most part, business administrators can store such GST-collected entries centrally in GST ledger entries. In addition, these business owners will find a scope for GST credit adjustments and GST settlements. Also, GST in Business Central D365 helps them export GST reports from their systems across different formats.
TDS and TCS
In particular, TDS or Tax Deducted at Source was introduced to collect tax from the very source of income. Given these points, any registered person getting specified services mentioned under the Income Tax Act is needed to deduct tax at the time of invoice or payment, whichever is earlier.
Incomes subjected to TDS
Salary
Interest
Horse Races
Commission and Brokerage
Dividend
Interest on Securities
Winnings from Lottery
Payments to Non-Residents
On A Conclusive Note
At NavisionIndia, you can connect to our skilled and trained Business Central Consultants, who hold experience and expertise in setting GST in Dynamics 365 Business Central. Our subject-matter experts have helped business across different industry meet tax regulatory compliance and plan finance efficiently by Setting up Goods and Service Tax in D365 Business Central.
For the most part, they have rendered extensive support to ensure operation continuity while the business undergoes transformation or changes due to automation.
For more details, write to us at [email protected] Or Schedule A Demo
