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Unit 5 – Masters 105

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Unit 5 – Masters 105

Skip in VAT / Sales Tax Reports

Specify ‘Y’ in this data field if you want that transactions in which this Sale Type will be used should not be considered for generating VAT / Sales Tax reports. In other words, if you specify ‘Y’ in this data field then Sales vouchers having Sale Type with this option enabled will not be reflected in tax reports.

Region

Under this group, you can select whether the Sale type you are making, is for central transactions or for local transaction. Various options under this group are:

o Local – Select this option if the Sale Type is used for local transactions.

o Central – Select this option if the Sale Type is used for central transactions.

On selecting any of the above option, a Type of Transaction sub-window appears. Various data fields that appear in this sub-window are:

o Stock Transfer – Select this option if the Sale Type is meant for transfer of stock.

o Others – Select this option if the Sale Type is meant for inter-state or intra-state sale of goods.

o Export (Normal) – This option appears if you have selected the Central option. Select this option if the Sale Type is meant for normal export of goods.

o Export (High Sea) – This option appears if you have selected the Central option. Select this option if the Sale Type is meant for High Sea export of goods.

o Sale in Transit – This option appears if you have selected the Central option. Select this option if you make purchase from one party and sell it to another party without goods being delivered at your Material Centre. In other words, stock will be directly sent to the party to whom the sale has been made; from the party from whom the goods have been purchased.

è Tax Invoice data field that appears under Other Information group gets deactivated on selecting the Central option in the Region group. This is because you cannot issue a Tax Invoice for Central transactions.

Form Information

This group gets activated on selecting the Against ST Form option under Taxation Type group. Under this group, you can specify details about the form to be issued / received when the Sale Type will be used in voucher. Various options under this group are:

Issue ST Form

Specify ‘Y’ in this data field if ST form is issuable against the sale in the Sale Type being created.

Form Issuable

This data field gets active on specifying ‘Y’ in the Issue ST Form data field. Select from the list, the type of form to be issued under the Sale Type being created.

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Receive ST Form

Specify ‘Y’ in this data field if ST Form is receivable against the sale in the Sale Type being created.

Form Receivable

This data field gets active on specifying ‘Y’ in the Receive ST Form data field. Select from the list, the type of form to be received under the Sale Type.

Tax Calculation

This group gets active on selecting the Taxable or Against ST Form option under Taxation Type group. Under this group, you can specify the tax rates to be charged on items, whether tax rates are to be freeze and so on. Various options under this group are:

Single Tax Rate

Select this option if single tax rate is to be charged on all the items of voucher in which the Sale Type will be used.

Multi Tax Rate

Select this option if different tax rates are to be charged on different items in a Sales voucher in which the Sale Type will be used. Difference between Multi Tax Rate option and Multi-Tax option that appears in Taxation Type group is that with Multi-Tax option, an Item wise VAT window appears in voucher with each item in which you can specify tax rate for individual item and there is no need to charge a Tax Bill Sundry in the voucher. However, with Multi Tax Rate option, no such window appears with an item in the voucher. Instead, you have to specify various Tax Bill Sundries and BUSY will automatically apply the tax rate on the item as per the tax rate specified in the Item master. For example, in a Sales voucher there are ten items with certain items having 5% tax rate and certain items with 13.5% VAT rate. Now you have to specify the VAT 5% and VAT 13.5% Bill Sundry in the voucher. BUSY will then charge 5% tax on the items in which tax rate is specified as 5% in Item master and will charge 13.5% tax on the items in which 13.5% tax rate is specified in Item master.

Tax (in %)

This option gets active only if you have selected the Single Tax Rate option. Enter the percentage to be charged as tax under the Sale Type.

Surcharge (in %)

This data field is active only if you have specified, ‘Y’, in the Enable Add. Tax / Schg. option in Administration à Configuration à Features / Options à Sales Tax / VAT / GST tab. Enter rate of surcharge to be charged under the Sale Type.

Freeze Tax in Sales

Specify ‘Y’ in this data field if you want to freeze tax rate for the Sales voucher in which the Sale Type you are creating will be used. In other words, in Sales voucher when you use a Sale Type in which this option is enabled, you necessarily have to apply tax rate as specified in the Tax (in %) data field of the

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