VAT in Indian Localization

[Former Member]

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 ?

[Former Member · Accepted solution]

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.