input tax code

[Former Member]

Dear All

As mm consultant, i woud like to know how many input tax code are to be created for purchasing and other.

regard

nabil

[Former Member]

Hi,

This is as per your business requirement.

If you want to capture the seperate line item of VAT /CST the keep as per the percentage applicable in the purchase.

Ex;

V1 ; 0 %

V2: 4%

V3 : 13.5%

V4: ..

CST:

C1: 2% against C form

C 2: 13.5 %

Like this will be the FI part.

and they will create in Obyz & OB40 then they will maintain in FTXP.

V0 Nil Duty Nil Tax

V1 Purchase - Vatable - 4%

V2 Purchase - Vatable - 5%

V3 Purchase - Vatable - 12.5%

V4 Purchase - Vatable - 14.5%

S1 Service Tax 10.3%

A0 Nil Tax

A1 Sales - Vat - 4%

A2 Sales - Vat - 5%

A3 Sales - Vat - 12.5%

A4 Sales - Vat - 14.5%

A7 Sales - CST with C Form - 2%

SAM

Edited by: Saminathan Gopalan on Jun 28, 2010 11:04 AM