GST Management

Versoll Books streamlines Goods and Services Tax compliance by keeping GST data tied to every invoice, supplier bill, and payment. This guide walks through the complete setup and reporting flow so your monthly returns are accurate and audit-ready.

What this guide covers

Company GST setup, GST rates and HSN/SAC codes, tax calculation logic, filing-ready reports, and reconciliation of input tax credit.

Company GST Setup

Start by confirming your company GST registration details. These fields drive the tax logic on every invoice and determine whether CGST/SGST or IGST is applied.

Step 1

Enter GST Registration Details

Go to Settings > Company and verify the following:

  • GSTIN: Your 15-digit GST identification number.
  • State: Determines your place of supply.
  • Registration Type: Regular, composition, or unregistered.
  • Return Frequency: Monthly or quarterly reporting.
Step 2

Set Default GST Accounts

Versoll Books auto-links tax accounts for output and input GST. Confirm they exist under Duties and Taxes in the Chart of Accounts:

  • Output CGST, Output SGST, Output IGST
  • Input CGST, Input SGST, Input IGST
  • GST Payable and GST Receivable

Tip: Keep tax accounts separate for clean reporting and faster reconciliation during audits.

GST Rates and HSN/SAC Codes

Each item or service should carry its GST rate and classification code. This improves accuracy and makes GSTR reports export-ready.

Step 3

Assign HSN or SAC Codes

Open Items > New Item or edit existing items:

  • HSN: For goods (e.g., 8471 for computers).
  • SAC: For services (e.g., 9983 for IT services).
  • Default GST Rate: 0%, 5%, 12%, 18%, 28%.
Step 4

Validate Tax Logic on Invoices

Create a test sales invoice and confirm the tax split:

  • Same-state customer: CGST + SGST apply.
  • Different-state customer: IGST applies.

Example Calculation

Taxable Value: ₹10,000
GST Rate: 18%
Same State: CGST ₹900 + SGST ₹900
Different State: IGST ₹1,800

GST Compliance Workflow

Once invoices and bills are recorded, use built-in GST reports to validate totals before filing.

Step 5

Review GSTR-1 (Sales)

Navigate to Reports > GST > GSTR-1 to see outward supplies:

  • B2B and B2C sales summary
  • HSN-wise item summary
  • Exports and zero-rated supplies
Step 6

Review GSTR-3B (Summary)

Use Reports > GST > GSTR-3B to verify tax liability and ITC:

  • Output tax liability by rate
  • Eligible input tax credit
  • Net GST payable after ITC set-off
Step 7

Reconcile Input Tax Credit

Compare purchase invoices against supplier GST data before final filing:

  • Check GSTIN validity on each supplier.
  • Ensure invoice numbers match vendor bills.
  • Exclude blocked credits or reversed ITC.

Best practice: Run GST reports weekly to catch data issues early instead of waiting until filing day.

Common GST Checks

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