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author's profile photo Former Member
Former Member

Tax code for dealers

Hi All

I have a scenario i bought a material from a dealer, in that invoice

Quantity =3200

Assesable Value = RS 37.1

Excise Duty 12%=Rs 14246.4

Cess 2% = Rs 284.928

Hscess1% =Rs 142.464

And My vat should be on Invoice total not on Assessable Value this i calculated

So Vat 5% = (3200 * 45)*5/100=7200

and in my Invoice it should show Basic amount + my VAT amount it should not show the excise amount since i buy this material from a dealer .

And in my party Account also it should show Basic amount + VAT amount , what ever the Excise amount it should go to the Incoming cenvat account.

Kindly help how to create a Tax code for this scenario.

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  • author's profile photo Former Member
    Former Member
    Posted on Dec 03, 2013 at 12:09 PM

    give me quick reply

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