GST Reports in Odoo 18

Taxation and compliance are, without a doubt, one of the burdens for businesses. India's Goods and Services Tax (GST) system is no exception. Keeping yourself abreast of the complexity of GST reporting to maintain the compliance and efficiency of your business proves to be quite challenging. Thus, Odoo 18 will simplify this for you.

 

GSTR-3B: A Monthly Overview of Your GST Liabilities

GSTR-3B Return: The consolidated return that businesses have to file on a monthly basis. All the supplies, GST liability, input tax credit, and taxes payable are summarized in detail in this return. This is where outstanding taxes get settled, and thus is a must for compliance.

 

GST Reporting in Odoo 18

Odoo 18 is always ready to meet the needs of GST reporting all-in-one, much easier, and more convenient access to this process. You have all necessary tools for GST reports under Tax Report or in Accounting Reporting - India menu. To activate Odoo for GST reporting, just take these easy steps :

 

1. Open the GST portal and activate API access.

2. Now go to Accounting > Configuration > Settings > Indian GST Service.

3. Please enter your GST username.

4. Now, click on Send OTP, enter the verification code, and click on the Validate button as well.

 

Having done all the above, you'll be all set to handle your GST reports right within the Odoo platform itself.

GSTR-1 Filing in Odoo 18

Odoo makes it easy for firms to file GSTR-1. This allows you to verify and submit the return directly to the GST portal from within the system. This is how you can file your GSTR-1:

 

1. Preview GSTR-1 Report : Confirm the details of GSTR-1 report before submitting.

2. Submit to GSTN: If everything goes well, then click on Push to GSTN so that the report would get uploaded on GST portal, then you would be able to see the status changed to "Sending".

3. Waiting for Status: Then, you will see that the status gets changed into Waiting for Status as the report is getting processed on the GST portal.

4. Report Status: After processing, the status reflects as either Sent (to be filed) or Error in Invoice when some issue is found with respect to validation.

5. Correct Errors: Where errors are encountered, the system gives a log of the invoices that contain errors. After correction, one clicks Push to GSTN again for submission.

6. Mark as Filed: Once the GSTR-1 has been successfully uploaded on the GST portal, click Mark as Filed in Odoo to update the report status to Filed.

 

System depicts the entire process, keeping a track of all actions undertaken and always showing the current status of your GST report.

 

Retrieving and Reconciling GSTR-2B in Odoo

GSTR-2B is a report that shows you the input tax credits. Odoo fetches it easily and you could reconcile the same at the system level with your bills. Here's how to do that

 

1. Fetch GSTR-2B Summary: Click on Fetch GSTR-2B Summary to pull the data from the GST portal. The status, initially, would be Waiting for Reception.

2. Report Processing: After few seconds, you will see that the status is Being Processed as Odoo reconciles GSTR-2B data with your Odoo Bills.

3. Report Matching: Once processing is completed you will see either a status as Matched - all bills match the report or partially matched due to some non-matching discrepancies.

4. Match Partially Misaligned Bills: If there are mismatches, select View Reconciled Bills to view the details of misalignments. Once changes have been done, click Re-match to settle the misalignment.

 

GSTR-3: Sales and Purchase Report Summary

 

GSTR-3 is a monthly report summarizing data of your GSTR-1 and GSTR-2 reports. Since this is automatically done via Odoo, you can cross-verify your data related to sales and purchases. Here is how you file GSTR-3:

 

1. Validate GSTR-3: Clicking on the GSTR-3 Report compares the GSTR-3 report in Odoo with one presentable on the GST portal. 

2.Post verification of report pay tax on GST portal, then clicking on Closing Entry in Odoo closes the report

3. Closing Entry: Enters the tax paid on the GST portal in this step; clicking on POST records the entry.

4. Mark as Filed: As soon as the entry is posted, your status in Odoo for the GSTR-3 report will get updated to Filed.

 

Conclusion

Odoo 18 offers one of the easiest methods of reporting GST by using an automated process to deal with GSTR-1, GSTR-2B, and GSTR-3. All integration comes along with the GST portal, guaranteeing full compliance with the tax regulations of India, thus simplifying the complexity of manual filings. GST reporting becomes much simpler for businesses due to step-by-step guidance, real-time updates, and error handling, hence taking away the burden of tax paperwork from businesses so they can focus on their core activities.

 

You can avoid compliance-related headaches and optimize tax processes by staying ahead of compliance with Odoo 18, thus running your business much more efficiently.