on 07-29-2008 4:51 AM
Hi All,
I have some query regarding VAT in Indian localization, Anybody plz answer them.
Does SAP B1 has pre-defined state specific VAT classifications ?
· Is complete tracking of VAT transactions pertaining to state, until annual returns, possible ?
· Does SAP B1 has predefined VAT classifications and in built rates of taxes ?
· Is generation of VAT computation reports for a given period, with details of Input and Output VAT and amount of Net VAT payable possible ?
· Is generation of reports in government prescribed format possible. ?
· Is Printing and filing regular VAT/composite return for a given period possible ?
Does SAP B1 has pre-defined state specific VAT classifications ?
ANS: SAP B1 does not have state specific taxes. You can create different tax codes like Vat 4%, VAT 8% and VAT12.5%.
You can also use 'Admin -> Setup -> Financials -> Tax->TAX Code Determination' window to determine the tax automatically for a BP.
· Is complete tracking of VAT transactions pertaining to state, until annual returns, possible ?
ANS: This is not possible. Any how you can create Tax ledgers statewise to do so. This problem is overcome in SAP B1 2007B where location is a parameter in 'Tax Payment Wizard'.
· Does SAP B1 has predefined VAT classifications and in built rates of taxes ?
ANS: You have to manually configure the VAT Tax Rates
· Is generation of VAT computation reports for a given period, with details of Input and Output VAT and amount of Net VAT payable possible ?
ANS: use 'Banking -> Payment System -> Tax Payment Wizard'.
· Is generation of reports in government prescribed format possible. ?
ANS:Reports are available through XL Reporter formats which can be modified.
· Is Printing and filing regular VAT/composite return for a given period possible ?
ANS:Iam not sure what you talk about composite return.
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