GST Implementation for Charges

[Harrikrishnan Ramanathan <ha...@zucisystems.com>]

Hi All,

I am looking to implement GST for the charges that we add, can it be done in existing system or customization is required, If anyone has faced this scenario, kindly guide me to achieve this.


Thanks,
Harrikrishnan Ramanathan
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Re: GST Implementation for Charges

[Bharath Gowda <bg...@mifos.org>]

Hi Harrikrishnan,

Thank you for reaching out to Apache and Mifos Community.

Ankit of Muellners have rightly answered this question on another thread.

Copy pasting the same if in case if you have missed that thread

You can reach out to me individually as well if you have any further
queries.

"TDS and GST or any other tax applied say to a loan product or a savings
product is a feature being exposed in the "Manage Tax Configurations":
https://mifosforge.jira.com/wiki/pages/viewpage.action?pageId=129957928

a. Tax components can be configured and identified with Tax Groups. And
charges can be mapped to these Tax group. Remember the charges need to be
mapped with Loan or savings product. Also, you can post these charges
manually when the Tax event arises for a financial product's lifecycle.
b. Once configured, what's important is to track this at the accounting
level by system generated Journal entries which show a sequence. Ideally if
you follow IFRS standards one eg is Tax component first collected as an
Income and then moved to an expense account.
c. By default, the Tax component configured has the ability to be mapped to
an expense account.

These are the grounds for customization here. Remember keep IFRS standards
in your implementation because that will add value to open source!"

On Mon, Jun 28, 2021, 11:11 AM Harrikrishnan Ramanathan <
harrikrishnan.r@zucisystems.com> wrote:

> Hi All,
>
> I am looking to implement GST for the charges that we add, can it be done
> in existing system or customization is required, If anyone has faced this
> scenario, kindly guide me to achieve this.
>
>
> Thanks,
> Harrikrishnan Ramanathan
> Disclaimer: "The contents of this e-mail and any attachments enclosed
> therein are intended solely for the addressee(s) and may contain
> confidential and/or privileged information. It may also be the sole
> intellectual and proprietary resource of Zuci Systems and therefore may be
> legally protected from disclosure. If you are not the intended recipient of
> this message, or if this message has been addressed to you by inadvertence,
> kindly alert the sender by email and then follow with its deletion. If you
> are not the intended recipient, you are hereby notified that any use,
> dissemination, copying, or storage of this message or its attachments is
> strictly prohibited and shall make you liable for consequences under
> applicable laws."
>