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Finsys Infotech Limited
TB-06,Third Floor, Crown Plaza Mall,
Sec- 15A, Main Mathura Road,
Faridabad, Haryana 121007
India
ph: 9015220220-Extn 3
Corporate@finsys.in

GST 06 OCT 2017

Changes in Finsys ERP as per the GST council “Recommendations” dt 6^th Oct 2017

Dear Finsys customers,

The relevant Notifications are not yet released. We all have to wait for them.

Meanwhile, based on the official “Press Release” the following Advisory is released for all of you

Short summary of Amendments

1. RCM : Reverse Charge Mechanism under section 9(4) : Means for “unregistered” vendors, has been “suspended” till 31^st March 2017. Good News.

2. But, RCM : Reverse Charge Mechanism under section 9(3) : example for Advocates, GTA, import of services : There is no suspension. Hence RCM will continue. See details below.

3. GST on advances : This has been suspended for small MSME only ( with x<1.50 cr p.a. ) hence not relevant to most of you.

4. TDS on GST : postponed. Good news. But no effect in ERP.

5. E-way bill for GST : postponed. Good news. But no effect in ERP.

6. Invoice rules being changed : But what is the change. Notification is awaited.

7. SME with turnover less than 1.50 Cr p.a. shall file GST returns Quarterly. However not relevant to most of you. (no change in Finsys).

What to do in Finsys ?

8. RCM changes means the following

9. Finsys Voucher type of 50(Normal PV) : Continue as it is.

10. Finsys Voucher type of 51(Normal Regd Job worker RGP with MRR) : Continue as it is.

11. Finsys Voucher type of 57(RCM Voucher) : Continue as it is for 9(3) only,example : unregistered Advocates, unregistered GTA/Transporters.

12. Finsys Voucher type of 5A(PV Service Voucher without MRR, Regd Vendor) : Continue as it is, example : Regd CA, Regd Software vendor, Regd Machinery Repair, Regd ISO consultant.

13. Finsys Voucher type of 5B(Regd vendor RCM) : Continue as it is, example : Regd GTA / Transporters.

14. Note 1 : Do not do the unregistered Purchase like battery cell, Raw Material,consumables and any other purchase etc from this option in future…. Till 31^st March 2018.

15. GST class to be selected properly. Hence no change in Software due to this.

16. The Form 3B will continue as it is. No change in Software.

17. Lock in the 50 and 51 series, vouchers

a.Till now we had a lock in these series, that a unregistered vendor bill will not be passed in these series. This will be removed after the effective date is notified. So, please wait.

Effective dates

18. The Notification for effective dates, is not yet released for this.

19. So, law is not clear to anyone except as given in the press conference.

20. It might be from current date, or future date, or even past, this is not known as of now. Hence Finsys team shall do the relevant changes after the notification

21.Till such time as per experts, you may either continue as it is, or keep such vouchers in a pending file. ( Please consult your GST practitioner)

When will Finsys send the New Update ? within 3 days of the Notification.

Click Here for downloading the PDF File

Finsys ERP for Mid corporates, and SME's. Based on Oracle Technology, 11g & 12c. Based in New Delhi, ERP all over India, ( 31 States and UT currently), and to some companies in Europe, USA, Asia and Africa

Pls access: www.finsys.co.in, for our current new website

Finsys Infotech Limited
TB-06,Third Floor, Crown Plaza Mall,
Sec- 15A, Main Mathura Road,
Faridabad, Haryana 121007
India
ph: 9015220220-Extn 3
Corporate@finsys.in