- Under chart of accounts , 1. Name 2. Group 3. Tax slab
- If we select name as TAX PAYABLE , GROUP as Liability, CGST in TAX slab
- No difference noticed in TAX AUDIT REPORT, for various tax slab selection
Any one clarify
Any one clarify
Why do you expect any change to the Tax Audit report? Selection of a tax code for a specific account in the chart of accounts (the option is not available for all accounts, but that is unrelated to this question), applies the selected tax code to future transactions posted to that account. It should be left as No tax for your Tax payable account, because tax amounts are not taxed. They are the result of taxing line items posted to other accounts.
Thank you very much for the reply
1 Our govt has independent & inter related a) IGST B)CGST C)SGST sales tax a/cs for business
2. I have credit in SGST due to stock of goods. ( paid tax for the goods in stock)
3. Paid SGST, can be recovered after sales,
4. Hence I need to input SGST OR CGST common CREDIT under TAX PAYABLE
Is it possible
Thank you very much for the reply.
Read the Guide: https://www.manager.io/guides/15718. Searching the Guides will almost always provide answers to your questions.
@ANNASWAMY Manager does not have the capability yet to separately report the individual components of a multi rate tax code. so there is no point in trying to maintain or enter individual balances of various tax components. you can only maintain and report the collective tax.
Would not this be done via
You are correct however creating an invoice using it
Which looks OK
and Taxes go to appropriate accounts
But the Tax summary report does not break the costs up.
Individual costs can be calculated from this report as the ratio is defined by the tax code definition.
I agree Manager would provide better functionality if a composite tax code consisted of ordinary tax codes. So the tax summary report would show the actual tax code data (IGST, CGST, SGST) and different composite tax codes could be created by the user to support different useful combinations. For more details on a general solution see Future Tax code structure ideas
@Patch the reason i said the above was because of the reasons i had already explained in another topic created by the same user. these are not as simple as you have explained in your example (i do appreciate your effort though). read the post where i have explained how the tax liabilities are offset for input claims.
Agree it could be done much better if:
Composite tax codes consisted of separate tax codes
Users applied composite tax codes consisting of common combinations
A specific localisation was written to combine individual components as required for periodic reporting, offsetting and tax payment to each tax authority.
Thank you very much for the reply I have inserted a screen shot of GST DASH BOARD
FOR your INFO
From the screen shot details are
it is clear and you were already given answers even in your other topic.
The limitations on reporting of multi-component custom tax codes in the Tax Summary report was already described and illustrated in the Guide about them: https://www.manager.io/guides/7171.