Wings & GST
GST imposes a major compliance responsibility on businesses.
Wings will help users comply with GST completely and easily. Whether you are a user of Wings ERP, Wings DMS, or the desktop products, Wings 16 or of Wings Accounting (the SaaS software), rest assured that your compliance requirements will be taken care of totally.
Wings was working on a major version upgrade which has been delayed to include GST functionality into it. The new upgrades are:
- Wings 16 (Accounting/Trade/Auto) >>> Wings 21D (Books/Trade/Auto)
- Wings ERP 2013 (Classic/Auto/FMCG/EA) >>> Wings ERP 21E (Classic/Auto/FMCG/EA)
- Wings DMS 2013 >>> Wings DMS 21E
Wings will help you comply with GST in many ways.
Wings GST solution comes in two parts:
- Upgraded Wings software to enable application of proper GST rates for invoicing, accounting of Input Tax Credit, calculation of GST payable, generation of GST reports-ready data.
- Wings GST Filer, an optional Wings GST-ASP software, which interfaces between Wings software and GSTN and enables easy and seamless uploading and downloading of data, returns etc. Wings GST Filer seamlessly integrates with all Wings software to import and export relevant data.
The solution works broadly as under.
Wings shall support the following types of businesses for GST:
- Registered Dealers
- Unregistered Dealers
- Input Service Distributors
Presently, Wings shall not support:
- Composition Dealers
- Casual Traders
- Non Resident Traders – May be we are not supporting this.
- E Commerce Operators
Wings 21E shall offer support for multiple GST registrations in the same database. Wings 21D shall offer support for one registration in one database. This is keeping in mind the profile of the respective users.
GST requires every business to be registered as an assessee and obtain a GSTIN. Businesses may also take multiple GSTINs if they have more than one line of business or operate from more than one state.
Wings enables capturing of all relevant Registration data and use it appropriately.
GST requires that all businesses capture additional data about their customers, suppliers and the products they buy and sell. Compliance is based on information so captured.
Wings helps you capture all required master data and use it for compliance.
Products & Services
Products are services are separately identified.
HSN & SAC
All goods and services bought and sold shall be attached to a HSN (Homogenised Serial Number) or SAC (Services Accounting Code). Without such identification, compliance would not be feasible.
The Tax Rate is determined by the HSN and SAC codes.
GSTIN, PAN etc
Customers’ and suppliers’ GSTIN, PAN, Shipping Address etc can be captured and stored along with their other data.
The Shipping Address would determine the place of supply of the goods or services.
There are 5 tax rates of GST. GST gets applied as CGST, SGST and IGST.
In Wings, products and services are tagged to HSN/SAC codes and to apply the right CGST/SGST/IGST rates.
GST is a destination tax. Thus, tax is payable in the state the goods or services are sold.
- Intrastate transactions (within the same state) attract dual GST with the Centre (CGST) and the States (SGST) simultaneously levying it on a common base.
- Interstate Transactions (between two states) attract Integrated GST (IGST).
- Imports from abroad attract IGST.
Wings will account for taxes correctly, according to the above, so taxes are paid without errors.
Types of Businesses invoices
Wings shall help classify types of businesses to enable generation of required data for GST:
- Businesses (B2B)
- Consumers (B2C)
- Large Consumers (B2CL)
- Foreign Consumers
- Registered/Unregistered Parties
Branch Transfers are treated as outward supplies and trigger tax incidence.
Wings enables capturing of inter-branch transactions and calculation and accounting of GST.
Wings shall help with reverse charge mechanism under GST law for good compliance.
Invoices & Other Transactions
Wings captures all relevant data to apply GST rules, generate the required business documents, including invoices and do correct accounting.
- Sale, Purchase, Transfer and Consumption of products
- Sale, Purchase of Services
- Consequential and Incidental Functionality
- Debit/Credit Notes
- Sale/Purchase Returns
- Deliveries and Returns
Tax Invoices & Retail Invoices
Wings generates Tax Invoices with all data as required by GST law.
Wings shall offer several standard formats of the Tax Invoices and users may choose any that suits them.
Besides, users with Wings Forms Designer shall be able to design their own invoice print templates.
Wings also provides for retail invoices (B2C) where GSTIN of the buyer is not captured or is not available.
Bill of Supply
Exempt sales are to be accompanied by a Bill of Supply which Wings shall support.
When capital assets are acquired and sold, Wings enables capturing of the data so incidence of GST on it may be accounted for correctly.
Accounts & Reports
Wings ensures that all business transactions are accounted as required so that correct data is generated which can be uploaded by the user.
Wings shall maintain the Input Tax Credit Account, Output Tax Account etc to help reconcile the data with GSTN and pay the correct GST.
Wings GST Filer
Wings GST Filer, the optional software, shall seamlessly integrate with Wings 21D/21E on the one side and GSTN on the other (using a pass-through arrangement with a GSP) to enable automated, easy uploading and downloading of data and uploading of returns to GSTN.
This software shall receive data from Wings 21D/21E and upload it to GSTN. It shall download relevant and available data from GSTN, match the data and help users accept, modify, reject exceptional transactions.
It shall also help file returns with digital signatures, help pay taxes etc.