GST sales and purchase books
Tax authorities are required to produce periodic submissions of invoice details for accounts receivable and accounts payable. Submissions may be required monthly, quarterly, or annually and are generally in electronic format. The tax authorities can use the information to cross-check data from trading partners, and to ensure that the correct taxes are paid.
India specifics
GST Outward Supplies Report GST Anx-1
Through the implementation of GST in India, the taxpayer is required to submit its Outward Supply details in Form GST Anx-1 every 10th of next month. The user may opt to upload its supplies data daily as the GST portal (GSTN) allows regular uploading of invoices on a real time basis. This would be beneficial to the taxpayers having large volume of invoices (or debit/credit notes) to prevent last minute rush and difficulty in one time uploading which may result to a higher risk of possible failure and default.
GST Inward Supplies Report
The Inward Supply details in Form GSTR-2A will be automatically available to the customers the next day after its vendor uploaded its outward supplies report (GST Anx-1).
The taxpayer is required to submit its inward supplies report in Form GST Anx-2 due every 15th of next month.
How Infor meets the requirement
FSM tracks the tax amounts, both input and output tax. Use the GST ANX1 & ANX2 Reports from LSP.
On successful triggering of the Supplier Invoices and Sales Invoices to LSP,run the invoices from LSP.
For LSP related settings, see Infor Localization Services Platform Configuration and Administration Guide.