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Former Member
Aug 21, 2007 at 07:54 AM

Tax Calculation

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Dear All!

We have the following client requirement. My client supplier sends the invoice including 15% sales tax. Tax authority issued a notification that the company will retain the 20% amount of sales tax & the reaming amount will be paid to supplier. The 20% amount will be paid by the company itself to tax authority.

e.g.

Value of taxable supplies excluding sales tax Rs. 100

Sales Tax Chargeable @ 15% Rs. 15

Sales Tax deductible Rs: 15X20%=Rs. 3

Balance amount payable to the supplier Rs. 112 (Rs.100+Rs.12)

Please advise me, how I may able to configure the tax code so that system deduct the tax amount as per mentioned scenario.