Taxation


InventoryPlus support managing the multiple type of taxes. Created tax can be mapped to each items.  Configure the Taxation, goto Settings -> Company details -> "General settings" section (or Products Details window) and click on Taxation button to open the the screen.


Configuring GST taxation:





Creation of primary tax scheme

    1. Enter all different types of tax slab should be entered in this screen
    2. Enter the valid Description as it is displayed in Product's price scheme
    3. Percentage will be used for calculating the item tax.
    4. Select the tax ledger created in accounting module.


Creation of secondary tax scheme

    1. Select the Enable Secondary tax to enable the secondary tax calculation
    2. If you want to calculate the compound tax then select "Compound Secondary" checkbox (Ex. secondary tax will be calculated on Total Amount + Primary tax)
    3. Percentage will be used for calculating the item tax.
    4. Select the tax ledger created in accounting module.


Creation of Interstate Tax scheme

    1. Select the Enable Interstate tax to enable the Interstate tax calculation
    2. If you want to calculate  compound tax then select "Compound tax" checkbox (Ex. Interstate tax will be calculated on Total Amount + Primary tax)
    3. Percentage will be used for calculating the item tax.
    4. Select the tax ledger created in accounting module.



Refer the You tube Video

https://youtu.be/9iZU-VO7mDI


Configuring VAT taxation: 


    1. Enter Tax Name as VAT (purchase and tax report screen will display the VAT % instead of CGST in grid header only if you enter VAT in this field)
    2. Secondary, Interstate and CESS selection is not required for VAT taxation.



Refer the Youtube Video https://youtu.be/32IyuVaSWik



Note:

    • Updated tax will be available in Product screen. Go to Product screen to select tax for each items.
    • GST tax format should be updated as Primary tax=CGST, Secondary =SGST, Interstate = IGST.   Refer above screen shot or Video for more details.
    • When you enter Tax Name as VAT then system will auto calculate the VAT%
    • IGST Tax scheme will be considered for calculation only when Interstate Party check box is selected in Customer/Vendor screen.