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Calculation of VAT @ 75% of Line amount and then service tax
dhananjayv
Member Posts: 55
Hi Guys,
I am working on NAV 2009( SP1) RTC.
We have one scenario related to sub-contractor.
In this client sent material to the contracator place for some work.
In this process contractor uses some his material for the processing work.
On this the contractor charge VAT and then service tax.
The VAT is going to charge on the 75% and the service tax is calculated on the
Basic amount + VAT( calculated on 75% of amount).
e.g.
Line Amount = 100
VAT @ 5% on ( 75% of 100) = 3.75
Service tax 10.3 = 10.69
Total = 114.44
As per VAT rule contractor can charge VAT on 75% of material use.
Please let me know how this can be configured in the application.
Awaitng you reply ASAP.
rgds
dhananjay
I am working on NAV 2009( SP1) RTC.
We have one scenario related to sub-contractor.
In this client sent material to the contracator place for some work.
In this process contractor uses some his material for the processing work.
On this the contractor charge VAT and then service tax.
The VAT is going to charge on the 75% and the service tax is calculated on the
Basic amount + VAT( calculated on 75% of amount).
e.g.
Line Amount = 100
VAT @ 5% on ( 75% of 100) = 3.75
Service tax 10.3 = 10.69
Total = 114.44
As per VAT rule contractor can charge VAT on 75% of material use.
Please let me know how this can be configured in the application.
Awaitng you reply ASAP.
rgds
dhananjay
0