Unit 5 – Masters 103

Against ST Form

Select this option if you make sales against ST Form. In Sales voucher in which you select a Sale Type with this option enabled, a Form Issuable / Receivable window appears in which you can specify the amount issued / received against ST Form.

Tax Paid

Select this option if you deal in items for which tax is already paid and you issue tax paid bills to your customers.

Exempt

Select this option if the Sale Type is to be used for exempted items. Exempted items are those items that are exempted from tax under certain conditions. For example, glass industry is exempted from tax in Himachal Pradesh while it may not be exempted from tax in other states.

Tax Free

Select this option if Sale Type is to be used for tax free items. For example, salt is a tax free item all over India irrespective of any state in which your company exists.

Lump-sum Dealer

This option does not get activated in the Sale Type because you do not need to create a separate Sale Type for lump-sum dealers since sale to lump-sum dealers is treated as sale to a customer. Thus, for such sales you will use the Sale Type as defined for sale to a customer.

Un-registered Dealer

This option is not active for Sale Type because you do not need to create a separate Sale Type for un-registered dealers since sale to un-registered dealers is treated as sale to a customer. Thus, for such sales you will use the Sale Type as defined for sale to a customer.

Other Information

Under this group, various data fields appear. Many of the data fields in the group are dependent on the option selected in the Taxation Type group. Let us discuss the data fields that appear under this group.

Tax Invoice

This data field appears if you have selected Taxable or Multi-Tax option in the Taxation Type group. Specify ‘Y’ in this data field if you want to make an invoice as Tax Invoice in which the Sale Type you are creating will be used. Benefit of making an invoice, as Tax invoice is that Tax Invoice will be printed on the invoice, which in turn will allow the buyer to claim Input Tax Credit on it.

Calculate Tax on Item MRP

This data field appears if you have selected Multi-Tax option in the Taxation Type group. Specify ‘Y’ in this data field if you want to calculate tax on item MRP.

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Tax Inclusive Item Price

This data field appears if you have selected Multi-Tax option in the Taxation Type group. Specify ‘Y’ in this data field if you want to enter item price inclusive of tax. BUSY will perform a reverse calculation for calculating the amount of tax levied and the actual price of item without tax. This option is useful when the User is making a sale to a person who is not concerned about the tax rate applied or price of item without tax and simply wants to know the final price of the item. In addition, some items are sold with tax included in their price but the shopkeeper needs to maintain the tax amount separately as he has to deposit the tax to the government. Hence, for this purpose, one can specify ‘Y’ in this option.

Hide Item Tax Rate window

This option appears if you have specified ‘Y’ in the Tax Inclusive Item Price data field. This data field is useful at the time of voucher entry. With this data field set to ‘N’ an Item Tax Rate window appears at the time of voucher entry in which you can enter the tax rates for individual items. However, if you have specified tax rates with each item separately in the Item master then you can set this data field to ‘Y’. By setting, this data field to ‘Y’, Item Tax Rate window will not appear at the time of voucher entry and the tax rate specified with the item in Item master will be considered for calculating the tax in item amount.

Calculated Tax on 100% of Amount

This data field appears on specifying ‘N’ in the Tax Inclusive Item Price data field. You can specify the percentage of item amount on which tax is to be calculated. This option is useful if the tax rate is fixed at a certain percentage of the item amount. For example, if you specify 80 in this data field then tax will be calculated on 80% of item value.

Adjust Tax / Schg. in Sales Account

This data field appears if you have selected Multi-Tax option in the Taxation Type sub-group. Specify ‘Y’ in this data field if you want to adjust tax / surcharge amount in the Sales account itself.

Tax Account

This data field appears if you have specified ‘N’ in the Adjust Tax / Schg. in Sales Account data field.

Select the account in which tax amount is to be adjusted.

Surcharge Account

This data field appears if you have specified ‘N’ in the Adjust Tax / Schg. in Sales Account data field.

Select the account in which surcharge amount is to be adjusted.

VAT Return Category

Select the type of VAT Return Category from the list. Values in the list are state specific. For example, if you have selected the state as Delhi then Work Contract Act option appears in the list.