ERP Implementation – Google Forms for Finsys ERP users

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Special Industries Specific Solutions created by Finsys ERP team

Special Industries Specific Solutions created by Finsys ERP team

 

TCS On Sale Of Goods 206C Wef October 2020 – How To Do, In Finsys ERP ?

TCS on Sale of Goods

Section 206C w.e.f. 1st October 2020

Applicable to ?

This is applicable only in India. Finsys Customers outside India, kindly ignore this information.


Turnover Criterion

  • Was your Turnover in FY 2019-20 more than Rs 10 Crores p.a. ?
  • If yes, then
  • This legal change is important for you

As per Budget 2020 / Finance Act 2020,

  • Section 206C (1H), you must charge TCS on the Sale value of goods including GST.
  • This is applicable on Sale invoices to those customers,
  • to whom you sell goods worth more than Rs 50 lakhs a year.

Rate of TCS

  • with PAN

  • TCS Rate will be 0.075% if PAN is available,
  • without PAN

  • TCS Rate will be 0.75%, if customer does not give a PAN

Effective Date ?

  • Currently : 1st October 2020
  • Corona effect ? : Date might be postponed further.  But chances are remote, since already 6 additional months given to all to get ready

  • Finsys Preparation
  • We are READY,

 

for the Latest Powerpoint and notes

Revised Updated Features … See the Powerpoint dated 24-9-2020 click here


 

 

See the previous Video dated March 2020 below.



The TCS journey Begins

New Button Created :
TCS Support Data

Report 1 : Which Customers are covered ?

Those whom you sold goods worth  over 50 lakhs in 1 year. One Customer with 4 plants, will be counted as 1, since this is PAN based totalling

Report 2 ::Customers with TCS Rates


 example 1 % or 0.1%. ( or this year 2020-21 : 0.075% or 0.75% )

Report 3 and 4

Summary of TCS,

purpose. : for TCS Return

 

Details of TCS, additional report

Report 5

Invoices wise TCS Details… for transaction level details

Drill down and Click , option 5 : shows full detail with invoice number , and date etc

How to set the Master Files ?

Finsys, helping make your Business Better


Charges ?

Free , this Fast Readymade Solution is Free of Cost to all customers whose account is “Regular” in Finsys books.


Purpose ?

Why did Govt do this ? . The International Think Tank of USA led OECD countries and G-20 Countries, of which India is an active member, found out that across the world the Job workers and anybody whose TDS is deducted is a higher percent of tax payer than that of seller of Goods.  Sellers of Goods have no pressure to pay Advance Tax. So, the Governments Worldwide are planning this New Tool of TCS to get more revenue and reduce the Tax evasion possibilities.

The Governments have assured that if anybody’s Tax is higher than required, then it will be refunded to him/her as usual.

[ And no Doubts, now the Refunds do come automatically and online credited to your bank accounts , without any “extra” efforts. }


Other points

It is important to note that for calculating the threshold of Rs.10 Crore, the total turnover including gross receipts and sales is to be taken into consideration whereas for computing the threshold of Rs.50 Lakhs, only sale of goods is to be considered

Non Applicability of section 206C(1H) in the following cases:

1. If goods are exported from India to any country outside India.

2. If buyer is liable to deduct TDS under Income Tax Act.

3. If the goods sold are already covered under sub sections (1), (1C), (1F) and (1G)* of section 206C

*Inserted via Finance Act, 2020


Thank you.

Contact Finsys Team,

Escalation in case of Grievance-Delivery side , Mr Virender Singh, Phone # 9310008914
Delivery is assured “Free of Cost”, to all customers whose AMC is fully paid up, In case of Queries on our Ledger matching with your Accounts Dept.  You may call Mr Bhim Sen Modi, Phone # 9555333195.

 


You may also Contact the Technical team on on 9015220220  ( India Call Centre Number ) : Extension : 1 & 2

Youtube Video 27 minutes ERP Software For Mono Carton Box and Duplex Folded Cartons

Youtube Video 27 minutes

ERP Software For Mono Carton Box and Duplex Folded Cartons


Video link below


Finsys ERP Process for Managing Business of Manufacture of Packaging solutions , Printed Cartons & Security Packaging


System to utilize your Men, Machine, Material, Money, better and Better


Finsys Web based Interface

Finsys ERP has Auto Generated push reporting , to alert and update users on the screen of important working in the Organization

The Dashboards and Graphs auto Refresh to highlight and update users on the screen of important trends and activities in the Organization

Finsys ERP Sales Dashboards help in reviewing the data quickly and effectively

Now the Demo
of the Main Production Cycle
What Profitability reports will I get ?

Enquiry / Lead from Customer
for Mono Carton

Profitability Report
( Every job).

And ….
I want the Profit Customer Wise

Customer wise Value Addition report
Showing customer wise profit during a time band

Drill down to item level

What if ….
I want the Profit …. Item Wise

Item wise Value Addition report
Showing item wise profit during a time band

Drill down to customer wise.


Mono Carton Costing based on Standard Parameters

Mono Carton Costing ( model 2)


Options for Standard Working
Enquiry Registration + Action
Quotation to Customer + Monitoring
Sales order From Customer
Process Plan / Product Specs
Stage Mapping (Routing)
Job Card Creation and Monitoring
Machine Planning + Work ORders
Stage Wise Production ( As per Routing)
Sorting packing +Finalization
Dispatch Advice ( Packing List)
Sales Invoice (For Shipment)
Accounts ( Account Receivable )


Item Creation in Finsys

Customer Creation

Finsys Enquiry Booking Screen
So that no Enquiry/lead gets missed

Quotation linked to Enquiry
(Auto populated from the Enquiry )

Quotation Print for Sending to Customer

Sales order linked to quotation
(Auto populated from the Quotation )

Order approval step
for approved production process

Sales Order Scheduling for correct and timely delivery monitoring

Lead vs Quote vs order report

RM Name Auto creation for standard item naming , weight calculation

31 Day Schedule planner for timely production and delivery monitoring

5 Day planner for closely monitoring the pending order , stock in hand ,production  and delivery date

Auto generated reports for dispatch monitoring

Process Plan /Bom / Item specification Master Crea ted, approval check point

Stage Mapping / Routing Process
for setting standard Process timing.

Machinery Masters
Machine specs , runing cost / hr , overhead , capacity details

Order Status Tracking System
to track , where the order is at any moment

Shop work load status
for how many hours , machine is busy

PPC menu for job Planning and Production orders

PPC can see the orders in hand and planning status

One click job card creation
based on material in hand as per process plan , ups , to calculate paper to be issued

Job card print for systematic work instruction to the shop floor by the PPC team

PPC window updated to indicate job card creation

Material planning step
(Week based production line up)

MRP Routine to compute the material required

Auto generation of Purchase request considering stock hand , Pending PR , PO , under QA and WIP

Auto Generated Purchase Request
for saving time and accuracy , thousands of item PR can be generated in 1 click

PR approval Step for accuracy

Approved Vendor list option for Speed and accuracy in PO making ,approval

PO Creation based on Sheet Qty  , weight for ease at PPC and Vendor End

PO approval levels system
for delegation with controls

PO Approval process
with option to see rates , stock , comparisons

Gate entry system with check point against wrong / excess supply

Auto weight conversion option for faster working sheets>wt option

Gate bar code option for control

Material Receipt , auto filled from gate entry for faster speed and accuracy of stores person

MRR / GRN print out

Inspection Tag for Material traceability and identification

Automatic IFRS accounting entry


Inspection System for systematic checking of material before payment

Inspection report for unbiased analysis of material before use / payment

Auto created internal test certificate is generated for due quality check

Automatic
Accounts Entry at QA Stage

Stock monitoring window gets updated , to manage the stocks

Job Card indicates Stock qty available

Job order approval step is given to confirm the production process.

Order monitoring system
tracking gets updated automatically

Order monitoring system
tracking gets updated automatically

Job order monitoring system is also ready to monitor and report the production process

Shop work load system also gets updated with the reduced qty , indicating the work on various production areas

Production Planning and Machine work order creation is initated

Machine work order is created to instruct the operator the work pattern of the shift

Material issued against job card created to track the material usage

Alert against excess material issuance is created

Issued material shows on the job card automatically

Automatic Stores consumption entry

Job card also shows the linked image for better working by prodn team

Production Entry Starts now.
Paper consumed , Printed sheet created

Production costs per sheet get populated
sheet cost + mch cost + over heat + operator + helper cost

WIP stock gets updated
RM reduced , WIP produced

I am SME of India Seminar – 18 June 2020 – MSME definition and Benefits

What SMEs need to do to minimise losses in Present Times

Protecting Indian Businesses
From Covid19 After-effects

 

Integrated Association of Micro Small and Medium Enterprises of India

https://www.iamsmeofindia.com

Submission by – Sangeet Kr Gupta

Corona & Covid-19 is a Reality

Virgin Australia ~ Bankruptcy filed

Air Mauritius ~ Bankruptcy filed

Lockdown !
Directive from the Government

https://www.statista.com/statistics/263617/gross-domestic-product-gdp-growth-rate-in-india/https://www.statista.com/statistics/271322/inflation-rate-in-india/

 

Are you Ready ….?

That is the Preface…..

  • Micro and Small payment within 45 days
  • Bonanza
  • if MSME you have a Privilege
  • Its a Truth
  • A Reality

Lower Rate of Interests…..

 

  • Interest Subvention Scheme for MSMEs
  • Please refer to the operational guidelines for the captioned scheme contained in circular on ‘Interest Subvention Scheme for MSMEs’ issued vide FIDD.CO.MSME.BC.No.14/06.02.031/2018-19 dated February 21, 2019.
  • 2. In this regard, it has been decided by the Government of India to bring, inter alia, following modifications in the operational guidelines:
  • Submission of statutory auditor certificate by June 30, 2020 and in the meantime, settle claims based on internal / concurrent auditor certificate.
  • Interest Subvention Scheme for MSMEs
  • Acceptance of claims in multiple lots for a given half year by eligible institutions.
  • Requirement of Udyog Aadhar Number (UAN) may be dispensed with for units eligible for GST. Unit not required to obtain GST, may either submit Income Tax Permanent Account Number (PAN) or their loan account must be categorized as MSME by the concerned bank.

 

https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11478&Mode=0#enclosed

  • 2.2 Eligibility for Coverage
  • (i) All MSMEs who meet the following criteria shall be eligible as beneficiaries under the Scheme:
  • a. Valid Udyog Aadhar Number [UAN]
  • b. Valid GSTN Number
  • (ii) Incremental term loan or fresh term loan or incremental or fresh working capital extended during the current FY viz. from 2nd November 2018and next FY would be eligible for coverage.

 

example

if Investment in PM = 10, others = 10, WC=10 = Total 30 Crores. and his Loan = 30 cr, 2 percent submension = 60 lakhs a year. That is a big savings, indeed

More interest Subvention = More Profit

Turnover of 50 Crores….Paying interest of 10% on 30 Crores….3 Crores….Profit of 1 cr….
Rises to 1.60 crores…

Big 60% increase in profit….Phayda……

Same company. Earlier definition
it was not a Micro / Small unit

So Benefit to lena hai….….Kya Karein ?

  • Question
  • Want to Grow
  • Want benefits of small also
  • Definition of the Machinery / Equipment ?

 

  • It is Audited figure
  • It has to have a Base
  • It has to be convincing to the Auditors
  • and to the Government bodies