The multi-layered indirect tax levied by the Indian government both at the Central and State level is extremely complex and dynamic in nature. Also, there are frequent changes in the legislative/ judicial pronouncements. Therefore, the analysis of a business structure from an indirect tax perspective becomes imperative.
Deskera Financials, a module within the ERP ensures that you make your tax submissions to the Indian government, easy and accurate. It provides assistance in identifying risk areas and sustainable planning opportunities for indirect taxes throughout the tax life cycle (Tax Sub Module), helping clients meet compliance obligations. It allows users the ability to check, edit and select the correct tax for every purchase, supply and sales transaction.
Deskera ERP provides FIFO & Weighted Average Method of Inventory valuation. These methods of valuation have been recognised by the Indian GAAP as well as by the IFRS.
The Deskera Financial application assists users to calculate the Depreciation charge as per WDV method to ensure compliance with the Income Tax Law & also to forecast its Allowable Expenses.
Set up suppliers for TDS, assign tax types and enter tax deduction rates with the help of Deskera ERP that facilitates TDS compliance for every purchase/ payment and receipt transaction made.
Service Tax Compliance
Deskera Financials assist users by providing Service Tax Liability calculation reports.
VAT & CST Compliance
Accelerate the Value Added Tax (VAT) compliance process to speed up monthly payments. Deskera’s Indirect Tax VAT Compliance streamlines the returns process and provides VAT Input, VAT Output, and VAT Liability Calculation reports by efficiently merging data feeds from multiple systems. The software helps provide region-specific validation of tax data to ensure integrity.
Financial Reporting Framework (FRF)
The Deskera Profit and Loss Account & Balance Sheet resemble the forms given in Schedule III of the Companies Act 2013. Deskera Financials ensure compliance with the Ind As FRF. Users can also access a default Chart of Accounts.
Goods and Services Tax(GST)
Deskera ERP uncomplicates the newly implemented GST taxation by means of a simple, scalable accounts and financial management system that allows you to conduct business on a pan-India basis with a single ERP system. Deskera ERP can easily calculate the applicable GST based on the government’s ‘Place of Supply’ rule by virtue of which GST becomes a destination-based tax and is levied at the point of delivery. Calculate state GST, central GST and integrated GST within one ERP system and generate smart reports for tracking applicable rates in a single view. Deskera also allows manufacturers, VAT registered dealers and service tax registered service providers to calculate the Input Tax Credit they can claim under the GST regime.