Sales Tax / VAT / GST
Under Sales Tax / VAT / GST section, you can enable / disable Sales Tax / VAT / GST for a company and specify details regarding the same. On clicking the Sales Tax / VAT / GST button, various options appear. The options are:
Enable Sales Tax / VAT / GST Reporting
Enable this option if you want to enable Sales Tax / VAT / GST for the company. If you have enabled Sales Tax / VAT / GST at the time of company creation then by default this option will be enabled.
Type
Select the type of tax applicable for the company. By default, the tax selected at the time of company creation is selected in this option.
Default Tax Rate-1
This data field appears if you have selected a country other than India at the time of company creation. By default, the default tax rate-1 specified at the time of company creation appears here. You can change it as per your requirement.
Default Tax Rate-2
This data field appears if you have selected a country other than India at the time of company creation. By default, the default tax rate-2 specified at the time of company creation appears here. You can change it as per your requirement.
LST Reg. No.
Enter the LST (Local Sales Tax) registration number of your company in the data field.
CST Reg. No.
Enter the CST (Central Sales Tax) registration number of your company in the data field.
ST Ward No.
Enter the Sales Tax Ward number of your company in the data field.
ST-37 Reg. No.
This data field appears if you have selected the type of tax as LST. Enter the ST-37 registration number of your company in the data field.
TIN
This data field appears if you have selected the type of tax as VAT. Enter TIN for your company in this data field. If you have specified TIN at the time of company creation then that value will appear by default in this data field.
Signatory Details
This button appears if you have selected the type of tax as VAT. Click the Signatory’s Details button to enter name, father / husband name and designation of the person on behalf of whom VAT related reports are submitted to the concerned authorities. On clicking the button, an Authorized Signatory Details window appears in which you can enter name, designation and other details of the concerned person.
Adjust Output CST in Input VAT
This data field appears if you have selected the type of tax as VAT. Specify ‘Y’ in this data field if you want to adjust Output CST in Input VAT. The central government allows you to adjust Output CST (payable) amount against Input VAT (claimable).
Pick VAT Op. Bal. from VAT Ledger A/C(s)
This data field appears if you have selected the type of tax as VAT. Specify ‘Y’ in this data field if you want to consider VAT accounts balances as opening balances. If there is a debit balance in VAT account then only it will be considered as opening balance.
