Tax Groups -Sales Tax (India)

pashya1972
pashya1972 Member Posts: 176
edited 2009-02-11 in NAV/Navision Classic Client
Hi

I wud like to have the use of following fileds in Tax Group set-up

1.Works Contract > Option for selection is given .
>> What's the use of this field??

2.Tax Group Details: a) Standard Deduction
b) Vatable purchase %
c) Vat retention limit on ITC.


Prashant

Comments

  • ssingla
    ssingla Member Posts: 2,973
    VAT able Purchase Tax:
    Define the purchase tax which is VAT able on the item category over and above the CST. The VAT able purchase tax is calculated on the base price and CST.
    VAT Retn Lt % of ITC on Purch
    Define the VAT retention on the purchase of item categories with respect to the jurisdiction. VAT retention is calculated on base price of the Item. If the VAT Retn Lt % of ITC on Purch difference of Input VAT and the retention will be available for Input VAT credit based on the usage in Non Taxable Sales and the retention amount is loaded on the Item.


    I think you should read the relevant manuals of NAV and Localization.
    CA Sandeep Singla
    http://ssdynamics.co.in

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