How to Enter GST Rates in RetailEasy7?
According to GST rules, the retail industry must upload taxable invoices onto the GSTIN portal and they have to be accepted by the buyer and retailer, thus reducing tax evasion. The manufacturer or seller should calculate GST based on the final price or maximum selling price for the goods and the services offered.
Note: Kindly refer to this video for further reference,
Purpose of GST Rates in RetailEasy7:
In the billing process, GST prices are automatically calculated once the details of GST percentage rates are entered during the product creation process.
Benefits of adding GST Rates:
The following are the benefits of adding GST Rates in RetailEasy7,
GST can be calculated using the percentages provided when creating a product, which eliminates the error associated with separate calculations.
Using this process, the GST price can be calculated easily and quickly, reducing the amount of time customers spend on checkout.
A Guide to Enter GST Rates in RetailEasy7:
Step 1: Navigate through Inventory -> Masters -> Item Master.
Step 2: Choose the product you want to match with the GST rate.
Note: Kindly consult with your tax consultant or supplier for the GST percentage.
Step 3: Click on GST tax% to load the tax details column and choose the appropriate tax percentage for the product.
Step 4: Kindly update Purchase GST and Sales GST if a product's tax is based on MRP. If the item is taxable only on GST, then this step can be omitted.
Using this method, you can easily match the product with the appropriate GST percentage, and then at the time of billing the price of the product in the sales bill can be calculated easily.
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