Tax Code

[Former Member]

I need one clarification suppose there is one tax code whose description is-INV(CES_1%, ECS_2%, SECS_1%), VAT_4% (Input).so what do you mean by inventory,plz give me one example also:-

[former_member184631]

Hi ,

It completly depends upon the G/L Account assigned to your Tax Code in OB40 .

Get the Accounting Key from taxation procedure against these condition types & get the G/L Account from OB40.

As per description , i guess that this resembles a tax code with a Combination of Excise duty & Vat . Excise Duty is inventorized ( i.e.. it gets book upon the COGS/ Inventory account, will not utilize the credit of excise) & VAT is input (i.e.. credit against VAT amount can be utilized).

Honey

[suma_mani]

Hi Navin,

It is totally depends upon account keys where you mentioned tax rates. If it is non deductible rates,which same values are getting debit to Inventory while doing the GRN. If it is deductible ,separate line item would post in Invoice booking & Excise Invoice Posting.

Rgds

Mani