Upload
others
View
3
Download
0
Embed Size (px)
Citation preview
| PeopleSoft India SIG 2020
Learn . Explore . Experience
PeopleSoft FMSMohan Rajan
GST 2020 ChangesIndia Legislative Update
The following is intended to outline our general product direction. It is intended for information purposes only, and may not be incorporated into any contract. It is not a commitment to deliver any material, code, or functionality, and should not be relied upon in making purchasing decisions. The development, release, timing, and pricing of any features or functionality described for Oracle’s products may change and remains at the sole discretion of Oracle Corporation.
Safe harbor statement
PeopleSoft India SIG 2020 | Learn . Explore . Experience Copyright © 2020, Oracle and/or its affiliates | Confidential: Internal/Restricted/Highly Restricted2
PeopleSoft India SIG 2020 | Learn . Explore . Experience Copyright © 2020, Oracle and/or its affiliates | Confidential: Internal/Restricted/Highly Restricted3
India Legislative Changes – GST 2020
Disclaimer
1. All efforts at providing a solution to the changes introduced to India GST in 2020 are “PLANNED AS SET OUT IN THE ROADMAP”.
2. PeopleSoft will play an enabling role for GST Reporting3. Customers will have to work with their GSP / Third Party of choice for reporting transactions to GST
Network
PeopleSoft India SIG 2020 | Learn . Explore . Experience Copyright © 2020, Oracle and/or its affiliates | Confidential: Internal/Restricted/Highly Restricted4
India Legislative Changes – GST 2020
History of GST in PeopleSoft
q India GST was introduced in PeopleSoft in June 2017, just in time for the Go Live Date
July 2017
q All Products in the Order TO Cash and Procure to Pay Cycles are GST Compliant
q Products include PO,AP,EX,OM,BI,AR and XGC
PeopleSoft India SIG 2020 | Learn . Explore . Experience Copyright © 2020, Oracle and/or its affiliates | Confidential: Internal/Restricted/Highly Restricted5
3
2
1
GST Returns – ANX-1 and ANX-2
Input GST Credit Availment
Invoice Schema and E-Invoicing
Program Agenda
India Legislative Changes - GST 2020
PeopleSoft India SIG 2020 | Learn . Explore . Experience Copyright © 2020, Oracle and/or its affiliates | Confidential: Internal/Restricted/Highly Restricted6 Copyright © 2020, Oracle and/or its affiliates | Confidential: Internal/Restricted/Highly Restricted6
What is changing
India Legislative Changes - GST 2020
q GST Invoice Schema
q eInvoice process
q Input GST credit availment process
q Returns ANX-1 and ANX-2 via Offline Tool
PeopleSoft India SIG 2020 | Learn . Explore . Experience Copyright © 2020, Oracle and/or its affiliates | Confidential: Internal/Restricted/Highly Restricted7
India Legislative Update- GST 2020India Legislative Changes - GST 2020Impact on Peoplesoft products
q Billing
q Payables
q Global Components
q Receivables
q Expenses
PeopleSoft India SIG 2020 | Learn . Explore . Experience Copyright © 2020, Oracle and/or its affiliates | Confidential: Internal/Restricted/Highly Restricted8
New Invoice Schema
q A new Invoice schema has been stipulated to avoid compatibility issues across a multitude of ERP
systems used by various Tax payers under the GST regime.
q The new schema has mandatory as well as optional fields.
q Validations in respect of existing fields
q Every new B2B and B2G invoice must be uploaded to the Invoice Registration Portal (IRP) in real time and
an Invoice Reference Number, QR code, etc. should be obtained and associated with the invoice and
printed
q This will be implemented by the taxpayer using API’s / FTP service provided by GST Partners
e-Invoice Process
India Legislative Update- GST 2020India Legislative Changes - GST 2020
PeopleSoft India SIG 2020 | Learn . Explore . Experience Copyright © 2020, Oracle and/or its affiliates | Confidential: Internal/Restricted/Highly Restricted9
India Legislative Update- GST 2020India Legislative Changes - GST 2020E-Invoicing Process Continued
q Bill will be finalized but not printed. Bill cannot be loaded to AR / AP (For IU Billing)
q Accounting Entries will also no be generated at this point
q Bill data elements will be exported to a CSV file and placed in an Outbound / Source Folder
q This Source folder will be accessible by the GSP
q GSP will uptake the CSV file, extract data that is needed for E-Invoice, convert to JSON, Encrypt
using AES256 Method and Upload to IRP
q IRP will decrypt and validate the JSON and generate a Hash Code and a QR Code
q This will again be encrypted and sent back.
q GSP will decrypt, convert to CSV and place the information from IRP in a Destination Folder
q Customer will export data in CSV to the Billing Table
q Now the Invoice can be printed
PeopleSoft India SIG 2020 | Learn . Explore . Experience Copyright © 2020, Oracle and/or its affiliates | Confidential: Internal/Restricted/Highly Restricted10
Bill finalized not Printed
JSON file encrypted
and Uploaded to IRP Server
JSON File uploaded to IRP
By GSP / Customer
Exported to CSV File in a new Source
Folder
Bill data in BI
tables
PSFT
E-Invoice Process
CSV File in Destination
Folder
GSP
Bill Data from IRP Server
Decrypted and
converted to JSON
By GSP / Customer
Converted to JSON
GSP
Converted to JSON
GSP
GSP
DEIUDEIU
PeopleSoft India SIG 2020 | Learn . Explore . Experience Copyright © 2020, Oracle and/or its affiliates | Confidential: Internal/Restricted/Highly Restricted11
Reporting – ANX-1
Outward Supplies Reporting ANX-1
q Outward supplies will be reported in ANX-1 which is provided in excel format by
GSTN.
q All elements of Billing data in the GST Reporting table will be exported to a CSV file
using DEIU
q Customers will work with partners to massage the data in the csv file to the format
specified for ANX-1
q Via Offline utility, customer can import the data in ANX-1 and convert to JSON format
to upload to the GSTN Portal
India Legislative Changes - GST 2020
PeopleSoft India SIG 2020 | Learn . Explore . Experience Copyright © 2020, Oracle and/or its affiliates | Confidential: Internal/Restricted/Highly Restricted12
India Legislative Changes - GST 2020
Inward Supplies Reporting ANX-2
q Inward supplies will be reported in ANX-2 which is provided in excel format by GSTN.
q All elements of Payables data in GST Reporting table will be exported to a CSV file using DEIU
q Customers to work with partners to massage data in the CSV file into the format specified for Purchase
Register
q Via Offline utility, customer can import the data in the template specified by GSTN and convert to
JSON format to upload to the GSTN Portal
Reporting – ANX-2
PeopleSoft India SIG 2020 | Learn . Explore . Experience Copyright © 2020, Oracle and/or its affiliates | Confidential: Internal/Restricted/Highly Restricted13
Input GST Credit
Matching Inward supplies against Suppliers Invoices
q The GST Offline tool has a section for Matching Purchase Register data with suppliers’ invoices uploaded to GSTN
q Once the process is run, matching will take place and the results will be categorized as follows:q Full matchq Partial matchq Unmatched
q In respect of full matches, customer may avail full amount of Input GST credit
q In respect of Partial / No match, customer may opt to Accept or Deny or Keep Pending all such purchases
q The customer may only claim the full amount of input GST credit on fully matched purchases + 10% of fully matched purchases in lieu of partial / no matches.
India Legislative Changes - GST 2020
PeopleSoft India SIG 2020 | Learn . Explore . Experience Copyright © 2020, Oracle and/or its affiliates | Confidential: Internal/Restricted/Highly Restricted14
India Legislative Changes - GST 2020Parameters to consider for matching ANX-2 with Purchase Register
The following parameters are used to conduct matching
1. GSTIN of supplier2. GSTIN of customer3. Invoice / Debit Note Number4. Invoice / Debit Note date5. Taxable value 6. Tax Amount
q Depending on which parameters and how many are not matching will determine a Partial Match or Unmatched status
PeopleSoft India SIG 2020 | Learn . Explore . Experience Copyright © 2020, Oracle and/or its affiliates | Confidential: Internal/Restricted/Highly Restricted15
Input GST Credit
Accounting Entry for Input GST Credit
A journal entry template may be created as follows:
q DR Input GST Credit xxxx
q CR Intermediate Input GST Credit xxxx
Payables
q Oganizations need to check for IRN on incoming Supplier Invoices and reject any that do not have an IRP
q As the process of availing input GST credit is determined by the GST Network, current functionality of moving amounts from intermediate input credit amount to final credit account at time of posting payment will be changed.
India Legislative Changes - GST 2020
PeopleSoft India SIG 2020 | Learn . Explore . Experience Copyright © 2020, Oracle and/or its affiliates | Confidential: Internal/Restricted/Highly Restricted16
India Legislative Changes - GST 2020
Input GST Credit Process continued
q In case of difference between Purchase Register Data and Supplier Invoice, customer needs to Reject the Invoice,
request Supplier to Accept the Rejection and issue and upload a Debit / Credit Note
q Customer can rerun Matching and Claim the Full amount of Input GST Credit
q This process is critical where value of invoice received differs from Voucher amount due to Inspection / Receipt
issues or such other causes
q Customer should periodically contact Supplier to get them to issue Debit / Credit Notes promptly for each Invoice
where a difference exists
PeopleSoft India SIG 2020 | Learn . Explore . Experience Copyright © 2020, Oracle and/or its affiliates | Confidential: Internal/Restricted/Highly Restricted17
sTART
GST Reporting
Table
CSV FileWith Purchase
Data
CSV File with Billing Data
PSFT DEIU PSFT DEIU
ANX-1 CSVANX-2 CSV
GSP/Customer GSP/Customer
Offline ToolGSP/customer GSP/Customer
GSTN
JSON
New Return Process
Journal Transferring
ITC from Inter. To Final
PeopleSoft India SIG 2020Learn . Explore . Experience
Copyright © 2020, Oracle and/or its affiliates | Confidential: Internal/Restricted/Highly Restricted18
Thank you